Michaël van de Poppe Expects Dip in Ethereum and Bitcoin

Analyst Michaël van de Poppe expects both Ethereum and Bitcoin to first show a dip before a new recovery follows. He points to a large amount of liquidity that still needs to be absorbed, and expects a Bitcoin pullback to below $62.200 before the market picks up again. At the time of writing, Ethereum is at $1.880.

Ethereum is available at OKX and Bybit.

In brief:

• Van de Poppe expects a dip for Ethereum and a Bitcoin pullback to below $62.200.
• He sees a lot of liquidity that the market still needs to process before the uptrend resumes.
• Bitcoin currently stands at $62.958, virtually unchanged over the past 24 hours.

Van de Poppe sees no change in Ethereum’s situation

According to Van de Poppe, little has changed on the Ethereum chart. Based on his analysis, he expects Ethereum to show a dip, linked to a move by Bitcoin towards levels below $62.200.

The analyst states that a lot of liquidity in the market is currently ready to be absorbed. In his view, that suggests the price must first move lower before a new upward move can begin.

Bitcoin approaches critical level

At the time of writing, Bitcoin is trading at $63K, virtually unchanged from 24 hours ago. Earlier, a warning was issued about a possible drop to $61.600, a level close to the zone Van de Poppe is now also pointing to.

The analyst previously noted that Bitcoin is stuck in a narrow range. A fall back to below $62.200 would break that range to the downside, after which he expects the rally to resume.

Whether that expectation materialises depends partly on how the market responds to the current support levels. On the chart, several support zones are visible for Ethereum between $1.822 and $1.874, while resistance above the current price sits around $1.976.