Ethereum price drops but Michaël van de Poppe sees no reason for concern

The Ethereum price is currently at $1.800 and shows a decline of 3.4% in the past 24 hours. Nevertheless, analyst Michaël van de Poppe is not concerned. He sees the current move as a normal correction within an upward trend and even speaks of a potential buying opportunity.

Ethereum is available at OKX and Bybit.

Upward structure remains intact

According to Van de Poppe, the structure of Ethereum does not look bearish at all. The price is above the important daily moving averages and the upward trend is still intact. In his view, the current decline is nothing more than an intraday correction, which is normal for healthy price behaviour.

The chart shows that Ethereum formed a bottom in June and has since clearly moved higher. The price recovered significantly from that low point and is now trading around the $1.838 level, close to the current closing price. That recovery fits within the pattern that Van de Poppe considers positive.

When does it become worrying?

Van de Poppe does set a clear limit. If Ethereum falls below the recent trendline at $1.750, that is when it starts to get really interesting for him. As long as that level is not broken, he sees any further dip as an opportunity to enter.

The chart also shows a target zone around $2.460 to roughly $2.600. That is the next resistance zone Ethereum could encounter if the upward move continues. Whether that level is reached in the foreseeable future depends on how the market reacts to the current correction in the coming weeks.