A closely followed crypto analyst and trader has come up with his prediction for Ethereum (ETH) and other three cryptocurrencies.
The analyst who is called as Michael van de Poppe informs his 624,300 fanbase on Twitter that the funding rates have come down ahead of Ethereum’s upcoming transition from proof-of-work (PoW) to proof-of-stake (PoS).
As per the analyst, Ethereum funding rates have declined massively while Ethereum price is rising. Traders and investors are waiting to short ETH as they are expecting that the Merge will fail. Also they feel that this is a bear market rally and the currencies will drop in the days to come.
Van de Poppe provides a chart that was created by Quincy Diepeveen which gives us the data of the ETH funding for the whole 2022. The latest stats depicts that the funding is negative.
Moreover, the strategist claims that most cryptocurrencies are heading towards testing their resistance area once the market enters a recovery stage following the weekend drop. This will also see Ethereum price trading above $2,000.
Van de Poppe believes that there is a recovery seen in the markets and ETH is about to hit $2,200 as the Merge is just around the corner. The analyst expects Ethereum price to continue its price surge even when Bitcoin hitting $19,000 is not clear.
At the time of writing, Ethereum is selling at $1,544 after a drop of 2.88% over the last 24hrs
Next, the analyst talks about Fantom (FTM) and hopes that this Ethereum competitor will continue its positive price trend. The currency had recently plunged towards $0.40.
Then he says that Fantom should surge above $0.29 to hit the target of $0.35
Currently, Fantom is trading at $0.265 with a fall of 6.58% in the last 24hrs.
Theta Network (THETA)
The next altcoin that has caught the attention of strategists is Theta Network (THETA) which is a peer-to-peer video distribution network. This altcoin has been trading downwards below $2 since the May crash.
The analyst predicts two key level resistance for THETA and they are $1.20 at first and this is followed by $1.60. He says that it’s either fall or reclaim for Theta Network.
At the moment, THETA is valued at $1.14 with a downward trend by $3.99 in the last 24hrs.
SKALE Network (SKL)
The last currency in the analyst’s list is Skale (SKL), Ethereum scaling solution. According to Van de Poppe Skale is awaiting a push after which the price will see a breakout.
At the time of publication, Skale is changing hands at $0.047 after a plunge of 5.56% over the last day.