Crypto analyst Michaël van de Poppe anticipates a significant shift in Ethereum's trajectory. With nearly three-quarters of a million followers on X, he shares his insights, suggesting that the U.S. Securities and Exchange Commission (SEC) is unlikely to greenlight Ethereum exchange-traded funds (ETFs) in the near future.
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The SEC will decide on the applications submitted by financial giants Hashdex and Ark 21Shares, which were previously postponed in March. Scheduled for May 30th, the decision could mark a turning point for Ethereum, the leading altcoin by market capitalization.
Based on the trader's analysis, Ethereum (ETH) is anticipated to dip below $2,700 before initiating a rebound towards $3,800. As of the latest update, ETH is priced at $2,920.
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Upcoming Crypto Trends: A Closer Look at AIOZ, Arbitrum, and Verasity
Moving on to AIOZ (AIOZ), a layer-1 crypto project, the analyst foresees continued bullish momentum as long as it maintains trading above $0.65.
Source: @CryptoMichNL on X
Describing it as a highly promising asset with robust trending qualities, he highlights the crucial support level at $0.65-0.68. Should this level hold, the next potential target is $1.35-1.45, indicating significant upside potential for the asset.
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Another altcoin the trader highlights is the Ethereum scaling solution Arbitrum (ARB). According to Van de Poppe, ARB appears to be nearing the formation of a bottom. He observes that the asset has undergone a significant correction, nearing the completion of this downward movement.
Source: @CryptoMichNL on X
With a notable decline in recent weeks, Van de Poppe suggests that markets often fill such price gaps in the subsequent weeks, signaling the potential conclusion of the correction phase for ARB.
Based on the chart's insights, the trader's analysis suggests that ARB will find its bottom at approximately $0.90.
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Van de Poppe's attention also extends to the native asset of the video-sharing blockchain Verasity (VRA). The analyst observes that VRA is currently experiencing a significant downtrend and could potentially discover support at $0.004.
Source: @CryptoMichNL on X
The highlighted support level is crucial, and most of the downward pressure has been factored in. Historically, this support has proven resilient, and a similar outcome is anticipated this time.
What's Next for Ethereum, AIOZ, Arbitrum, and Verasity?
Michaël van de Poppe's analysis suggests a potential trend reversal for Ethereum (ETH) pending the SEC's decision on ETH ETF applications, expected by May 30th. He anticipates a dip below $2,700 before a rally to $3,800.
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Similarly, for AIOZ (AIOZ), he highlights the importance of maintaining a level above $0.65 for continued bullish momentum, with a potential target of $1.35-1.45 if this level holds. As for Arbitrum (ARB), he suggests a bottoming out around $0.90 after a significant correction. Lastly, Verasity's (VRA) downtrend may find support around $0.004, with historical resilience at this level potentially indicating a floor for the current decline.
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