Michaël van de Poppe, a well-known crypto analyst, believes Ethereum (ETH) might be ready for a big breakout against Bitcoin (BTC). In a recent session, he shared with his 733,600 followers on X that the Ethereum/Bitcoin pair (ETH/BTC) is showing a bullish divergence on the daily chart.
What does that mean? A bullish divergence happens when the price of an asset hits lower lows, while indicators like the Relative Strength Index (RSI) show higher lows. This signals a possible price increase. Van de Poppe stated, “A massive bullish divergence on ETH. The entire Ethereum ecosystem is thriving [on November 6th].”
He also pointed out that ETH/BTC is starting to rise. It seems investors are moving profits from Bitcoin’s big rally into altcoins like ETH. “The markets are rotating, as ETH has a massive bounce upwards. Next step? Create a higher low, and then we’ll be good to continue the upward momentum. DeFi is basically exploding already. Good times!”
As of now, ETH/BTC is trading at 0.03748 BTC, which is about $2,844. That’s a 4.84% increase in the last 24 hours. Van de Poppe also thinks an expected rate cut from the Federal Reserve on Thursday could send Bitcoin and other cryptocurrencies soaring. “Ethereum bounces upwards. I think we’ll keep that pace. The Fed meeting is important to watch; they’re likely to announce another 25 basis points rate cut. Then we’ll see continuation in the markets and possibly $90,000-$100,000 for Bitcoin next.”
Looking at Bitcoin, he emphasizes the need to hold the $72,000 level as support to maintain its upward trend. “Bitcoin made a new all-time high! What’s the level to hold? I think the $72,000 area. If that holds, we’ll be fine for further upward momentum. The markets are finally waking up, and altseason is around the corner!”
Finally, van de Poppe is optimistic about Sei (SEI), the native token of a layer-1 blockchain. He predicts it could rise more than 20% from its current value. “The markets are waking up, and SEI reclaimed an important level. I believe we need to hold the $0.36 area. If that holds, we could see a continuation towards $0.50.”
Currently, SEI is trading at $0.41, up 6.6% in the last 24 hours.