The cryptocurrency analyst and trader Michaël van de Poppe sets new price targets for. fixed Ethereum (ETH)after the leading smart contract platform saw strong growth in 2021.
In a year-end strategy meeting, Van de Poppe told his 158,000 YouTube subscribers that Ethereum didn’t just go against that Cryptocurrency number one Bitcoin (BTC) well asserted, but could very well become the focus of the next major cryptocycle.
The crypto strategist believes that widespread market acceptance means Ethereum Market capitalization Bitcoin could overtake Bitcoin, an event known as “the flipping.”
“We may be looking at bitcoin flipping because it’s no longer just about bitcoin, it’s about the entire ecosystem.
One of the things that has changed is Ethereum … used in decentralized applications, so DEXs [decentralized exchanges] mainly use Ethereum to trade their assets that we use with Uniswap and SushiSwap.
The actual adoption of the Ethereum ecosystem has grown relatively quickly.
We also know it from the NFT [non-fungible token] Space that you use when you want to mint your NFTs on Ethereum. “
Van de Poppe notes Ethereum overall growth and demand despite the network’s high gas charges.
Most importantly, ETH proved to be more resilient than Bitcoin during the recent market correction in November.
“Ethereum has been in the recent correction Shown much more strength than Bitcoin, which means that the strength in Ethereum is higher than that of Bitcoin.
That means that this cycle may no longer be about Bitcoin.
It’s about Layer-1s and Ethereum which basically produce the first layer for the entire ecosystem, because you need platforms and layer 1s to actually be successful in this entire market area. “
When we come to his price forecasts for 2022, the analyst thinks Ethereum could be on the cusp of explosive growth that the action of Bitcoin in 2017. He says ETH could even exceed $ 20,000.
“We could Fibonacci-Use extensions to derive the next target points where we can say, ‘Based on the previous low of the cycle, previous high, and we’ll hit somewhere around 3.618.’
In this case we could also say, “Previous high, previous low”, we can start by focusing on numbers where Ethereum could peak, which is actually numbers of USD 12,600, USD 17,300 and possibly even USD 22,000 aims. “
Source: Michaël van de Poppe / YouTube
Van de Poppe concludes his price forecast with the statement that ETH must maintain an important level of support.
“The bottom line here is that Ethereum has to hold a green bloc. If that happens, the trend will continue and we can go on for the entire cycle. “
Ethereum’s price is currently down 8.94% to $ 3,811. ETH started at $ 730 in 2021, peaking at $ 4,182 in May before falling to a summer low of $ 1,795 in July. The token has seen a choppy upward movement in price since then, but remains 422% higher for the year.
By comparison, Bitcoin grew 63.75% in 2021. BTC rose from a starting point of $ 29,352 to an April high of $ 63,576 before crashing to a summer low of $ 29,971 in July.
The leading crypto got another new one in November All time high fought over $ 69,000 but has since fallen below $ 47,000 due to the choppy price movement. Currently it’s down 8.74% to 48,065.
Van de Poppe closes his Ethereum discussion by pointing out the recent project upgrades and the upcoming launch of Ethereum 2.0 could mean moving forward.
“Ethereum is the one you have to watch.
We may see an Ethereum cycle instead of a Bitcoin cycle. “
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Source: Crypto News Deutsch