Widely followed crypto analyst Michaël van de Poppe is predicting rallies to the upside for the crypto markets as he offers a fresh forecast for leading smart contract platform Ethereum (ETH).
Van de Poppe tells his 618,800 Twitter followers that he’s keeping a close watch on Tether Dominance chart (USDT.D), which shows how much of the crypto market cap is comprised of stablecoin Tether (USDT).
According to Van de Poppe, the USDT.D chart has a lot of room to drop, suggesting that market participants are likely to let go of their USDT positions in favor of other crypto assets.
“The USDT dominance is still eager to drop another 23%, resulting into the markets having some more momentum upwards.”
Van de Poppe’s latest prediction appears to be aligned with his recent call that the total market cap of all crypto assets is likely to increase by 25% from $1 trillion to $1.25 trillion.
Looking at Ethereum, Van de Poppe says the top altcoin is likely to face resistance against Bitcoin (ETH/BTC) in the near term. However, he expects the pair to sustain its bullish momentum heading into September.
“Basically, a few levels on ETH.
Facing resistance at 0.0725 BTC ($1,616).
Facing support at either 0.0645 BTC ($1,437) or 0.057 BTC ($1,270).
Overall, expecting more momentum going towards the merge in September.”
Looking at Van de Poppe’s chart, the analyst appears to be targeting 0.08 BTC ($1,783) for the pair by September.
At time of writing, ETH/BTC is trading for 0.069 ($1,537), down 1.35% on the day.