Seasoned cryptocurrency trader and analyst Michael van de Poppe has updated his recent chart that predicted that the Ethereum (ETH) price would surge above $300 in August, 2020.
Structure looks fine
According to his evaluation, this painful drop on June 10th-11th, 2020 won't affect the overall bullish trend of the Ethereum (ETH) price. Recently, it plunged to $226 on some spot exchanges after two attempts at conquering the $250 level.
As revealed by this updated chart, the vulnerable territory for bulls starts between $210 and $220. So, this drop is no more than a predicted correction before the next series of upsurges. And the $250 level still remains the next target for price movement.
After $250, there is one more crucial level of bearish pressure. It is near $280 and it is here where another correction may put some water in bulls' wine.
Then, the upmove of the second cryptocurrency likely won't meet any resistance on its road to new yearly highs above $300.
Too many catalysts
Mr. van de Poppe published this chart for the first time one week ago, on June 7th, 2020. He highlighted that sub-$220 zones look comfortable for longs to be opened.
His bullish prediction resonated perfectly with a couple of mid-term evaluations that foresee a bright future for Ethereum (ETH) bulls.
For instance, global macro investor Dan Tapiero, founder of Gold Bullion International fund claims that we are on the verge of an explosive upmove for Ethereum (ETH) prices. The rapid technological progress of both Ethereum (ETH) and Ethereum-based products is the main catalyst behind this action.
Also, the euphoria around Grayscale Ethereum Trust Stocks (ETHE) refuses to reside. Wall Street Investors are buying Ethereum (ETH) stocks with an almost four-digit premium.