- The analyst compared Ethereum’s price action with Chainlink and Arbitrum.
- Van de Poppe recommended considering entry points during corrections of 30-50%.
- Michaël van de Poppe emphasized that altcoins are experiencing short-term corrections within their overall upward trends.
Michaël van de Poppe, founder of MN Trading, stated that altcoins “have multiple days or weeks of correction” while maintaining their uptrend. He said, “During this part of the cycle, the runs upwards last longer and are steeper.” Poppe added that consolidation is currently a point of re-entry before the run continues.
The analyst compared the current market state to the end of 2015 and the end of 2019. He stated that Ethereum went from a range of $1-14 at the end of 2015 to $1,400 in 2017. Van de Poppe claimed that while many don’t believe these returns could happen once more, he assured them that they will.
“It might even be possible that current projects providing a return of 5-10x at the start of this bull cycle are barely getting started,” stated Van de Poppe. However, the analyst added that during the first upward runs, corrections are normal.
According to the analyst, the corrections of multiple days back to higher timeframe support zones would serve as entry points. He cited the “DeFi summer” in 2020 and claimed that it has a high chance of coming back in 2024.
Furthermore, Van de Poppe shared that Ethereum had corrections of 30-50% in between before reaching a high. He stated that those corrections are normal and are easily spotted in 1-hour, 4-hour, and 15-minute timeframes.
Another comparison of Ethereum’s price action with the current price action of Chainlink was highlighted. Van de Poppe said that Chainlink is having a correction of 20%, and if another correction of 30% took place, it “would make the trend even clearer.”
Van de Poppe added that entry points are “relatively easy to spot” when comparing Chainlink’s price action to Ethereum’s. He argued that Chainlink is at the start of the first upward wave of the cycle, claiming that the recent rally for Chainlink lasted less than five weeks.
Another example mentioned was Arbitrum, which the analyst claimed is currently resting on support and providing a corrective move. He concluded by reassuring investors that if an altcoin drops between 30-50% at the current stage of the cycle, investors should pay attention to entry points.
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