Michaël van de Poppe: ETH Nears Support on Higher Timeframe

While Bitcoin rises 4.3% today to $80.200, analyst Michaël van de Poppe sees altcoins losing ground relative to Bitcoin. In his view, that is a familiar pattern. Once Bitcoin begins to consolidate, he expects altcoins to make up their losses. He points to Ethereum as an example: the ETH/BTC ratio is approaching a support level on a higher timeframe, which he sees as a possible tipping point.

In short:

• Van de Poppe expects altcoins to temporarily lose ground during a strong Bitcoin move
• According to him, Ethereum is approaching a support level on a higher timeframe in the ETH/BTC ratio
• Once Bitcoin consolidates, he anticipates a recovery for altcoins

Altcoins lag behind during Bitcoin’s rally

A strong Bitcoin rally is often accompanied by altcoins weakening relative to Bitcoin. Van de Poppe describes this as a normal pattern. At such moments, capital flows towards Bitcoin, causing altcoins to decline in relation to Bitcoin, even if they hold their ground in dollar terms or rise slightly.

Previously, Blockchainstories reported on Van de Poppe’s earlier expectations regarding Bitcoin levels. Now he is turning his attention to what comes next: a rotation from Bitcoin to altcoins once the Bitcoin price settles.

Ethereum as an indicator for the broader altcoin market

Van de Poppe points to Ethereum as a concrete example. According to him, the ETH/BTC ratio is moving towards a support level on a higher timeframe. On the chart he shares, it is visible that after a long downward trend, the price enters a zone that has historically served as support.

He expects that other altcoins could make a similar move. More than half of the altcoins on Binance recently stood above their 200-day average, which indicates that the broader market is already showing some strength. Van de Poppe leaves exactly when a recovery will follow to depend on the further price trajectory of Bitcoin.