Analyst Endorses Ethereum (ETH), Describing Its Current Trajectory as “Organic”

After weeks of backlash and criticisms targeted at Ethereum (ETH), the digital currency has now bagged a major endorsement from top market analyst, Michael van de Poppe.

Ethereum (ETH) Price Action is Organic and Natural

van de Poppe started his lengthy X post by denouncing the fact that the Ethereum is dead narrative is false as the current market action at the moment is skewed toward the Bitcoin spot ETF push. Based on this, he said the price action of Ethereum for now is organic and natural.

van de Poppe has no doubts that ETH is also going to follow in Bitcoin’s footsteps in no time. He explained the reasons why ETH is in a gloomy mode at this time. Besides the Bitcoin ETF sentiment, van de Poppe highlights the forthcoming halving event as another one that has taken the spotlight away from Ethereum and shifted it to Bitcoin.

Is #Ethereum dead, or will it outperform Bitcoin?

In the last weeks, we've seen a lot of negative sentiment surrounding Ethereum, as it has been underperforming against Bitcoin.

That's organic and natural price action, as everything is skewed towards Bitcoin pre-ETF.

Ethereum… pic.twitter.com/JneMr01Drh

— Michaël van de Poppe (@CryptoMichNL) December 22, 2023

He also pointed out a historical trend in which Ethereum generally outperforms in the first quarter of the year and then the luster shifts in the fourth quarter. To complement his defense for Ethereum, Michael van de Poppe also shared some of the reasons he believes Ethereum will take over rather than die as projected.

He noted the yet-to-be-seen impact of The Merge, the event that characterizes the transition of Ethereum from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) protocol. He believes the attractiveness of the coin per the protocols building on it makes it a better alternative compared to BTC.

The Spot ETH ETF Advantage

According to van de Poppe, the major reason BTC is in the spotlight is because of the spot ETF application linked to it. In van de Poppe’s argument, Ethereum also boasts of this investment product, and should the applicants from BlackRock and others get approved, he said capital will flow from Bitcoin with ETH being the first in line to benefit.

The analyst pointed out how money inflow into ETH spot ETF upon approval will go a long way to spur the embrace of Decentralized Applications (DApps) on Ethereum. This he argues might prove to be more important than Bitcoin’s.

In all, he believes in the not-too-distant future, funds will flow from Bitcoin to altcoins as the coin may be approaching its overbought level.