Crypto strategist and highly revered crypto investor, Michaël van de Poppe, recently spoke on his outlook on Ethereum and how high the world’s most popular utility crypto could go.
In a YouTube interview seen by Nairametrics, the crypto expert spoke in detail on how Ethereum could breach its all-time high of $1,432.
“Currently, we’ve got a clear block holding as support that we are actually holding as support and we can see that we are making higher lows, higher highs. There was the crucial level to hold at $530… What I want to see holding in general is this area around $530. If we do lose that, then we get the best entry zone that we initially made here which is around $470, $490 to $450,” Poppe said.
He also spoke on why Ethereum’s recent breakout sets up the second-largest crypto for a move above its all-time high of $1,432.
“Given that we are currently searching, even more, I have to redo the Fibonacci levels and then you can see that the next impulse wave most likely, somewhere in 2021, maybe Q1 2021 already, we’re going to see a rally towards the all-time high. That’s going to be the next one,” he added.
That said, it’s key to note that 90% of all Ethereum addresses (~47 million addresses) holding ETH are now in a state of profit.
- This number has never been this high since January 2018.
- Just in March of this year, only 3.2% (!) of all ETH addresses were in profit.
Should I invest in Ethereum?
Well, as I am not a financial advisor I wouldn’t tell you where to put your money. What I can do is suggest some things that you should bear in mind, if you are looking to make speculative investments in cryptocurrency.
Ultimately, the long-term growth of any cryptocurrency (or indeed business) depends on useful applications being found for its assets.
If Ethereum goes on to become a widely accepted form of currency, or the Ethereum network becomes an established standard for distributed computing, then the value of these assets is likely to continue to grow.
At the time of writing this report, the world’s utility crypto traded at $734.84 with a daily trading volume of $17,152,001,205. Ethereum has been up 0.50% in the last 24 hours.
Photo credit: Nairametrics