A widely followed crypto strategist says that Ethereum (ETH) is giving off a bullish reversal signal when paired against Bitcoin (ETH/BTC).
Trader Michal van de Poppe tells his 685,700 followers on the social media platform X that he thinks Ethereum will outperform Bitcoin in the coming weeks.
According to the analyst, ETH/BTC is flashing a bullish divergence on the weekly chart, indicating that the pair may be gearing up for a move to the upside.
“I personally believe that Ethereum is going to outperform Bitcoin in the upcoming period and it has started since the ETF (exchange-traded fund) approval.
Massive weekly bullish divergence created, but facing crucial resistance at 0.06 BTC ($2,385).
Some more consolidation and then we’re likely going up.”
Looking at the trader’s chart, he seems to think that ETH/BTC will rally to as high as 0.13 BTC ($5,168) sometime this year.
At time of writing, ETH/BTC is worth 0.05596 BTC ($2,224).
As for Bitcoin itself, Van de Poppe thinks BTC may fall to around $38,000 before finding support.
“Bitcoin is at the range low and is actually in the area to be accumulated.
Additionally, this also means that altcoins are in stages to be bought as those 20-40% dips are a great opportunity.”
At time of writing, Bitcoin is trading for $39,800.
Van de Poppe is also keeping a close watch on the price action of blockchain data-aggregator Covalent (CQT). According to Van de Poppe, CQT is likely headed to its next support level at around $0.15 before igniting a strong surge.
“One of the latest runners has been TIA (Celestia), but competitors are likely to pace up momentum too.
CQT is one of them. Market capitalization is relatively low and correcting, just like the entire market.
This provides opportunities and I think CQT is one before it reaches $0.42.”
At time of writing, CQT is trading for $0.214.
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This article was originally reported on The Daily Hodl.