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Ethereum is looking to break above a key resistance level at $2,150.
Crypto analyst Michael van de Poppe says ETH price could jump to between $3,100 and $3,600 if a breakout happens.
Catalyst for the market include a spot Bitcoin ETF approval and developments on Ether spot ETF applications.
Ethereum (ETH) traded to highs of $2,136 last week, before giving up some of the gains over the weekend to touch $2,016.
The top altcoin has however seen an uptick on Monday, rising to change hands around $2,120 as buyers looked for a first green candle in three days.
Various market observers see a potential approval for a spot Bitcoin ETF as a catalyst that could catapult both BTC and ETH. While many experts opine that the most likely period for approval is early January, there’s a window for the SEC to greenlight the first spot Bitcoin ETF for the US market.
This window is open until November 17.
Reminder: There is currently a window open this week for an early approval of the $BTC etf through the 17th.
in addition last week blackrock filed for a spot $ETH etf
If the BTC etf is approved, expect both to fly pic.twitter.com/DbWWa68UAj
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) November 13, 2023
Analyst on what next for ETH if resistance breaks
For one top analyst, ETH/USD faces a major hurdle near $2,150 – break this and the price of the world’s second largest cryptocurrency by market cap could surge to the next supply zone around $3,100. Above this would be the key resistance at $3,600.
The prediction thus forecasts a 44%-67% price jump for Ethereum if bulls break higher.
According to Michael van de Poppe, the highlighted resistance at $2,150 is comparable to the massive wall that rebuffed numerous bullish attempts for Bitcoin (BTC) at $30,000. Sharing his prediction with more than 672k followers on X, the founder and CEO of crypto trading group MN Trading wrote:
“Ethereum faces the final resistance. Breaking above $2,150 marks the end of the bear market, as this level is comparable to the $30,000 barrier of Bitcoin. If it breaks, then we’re likely seeing a run towards $3,100-3,600.”
Van de Poppe shared a price chart for Ethereum showing an ascending triangle pattern, which in technical analysis, signals a potential bullish breakout. The chart marks the two anticipated primary resistance zones as shown below.
#Ethereum faces the final resistance.
Breaking above $2,150 marks the end of the bear market, as this level is comparable to the $30,000 barrier of #Bitcoin.
If it breaks, then we’re likely seeing a run towards $3,100-3,600. pic.twitter.com/i91ULBRtLz
— Michaël van de Poppe (@CryptoMichNL) November 13, 2023
Ether was trading around $2,093 on Monday evening, 2.4% up in the past 24 hours. The cryptocurrency’s value shows an 11% and 35% surge in the past week and 30 days respectively.
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