- Kyle Doops believes the Dencun upgrade will catalyze the upcoming crypto bull run.
- Doops thinks the potential Ethereum ETF approval will support Dencun and push the crypto market higher.
- The analyst spotted a breakout in the ETH BTC chart, suggesting an improving ETH dominance.
According to Kyle du Plessis, a crypto technical analyst famously known as Kyle Doops, the upcoming Ethereum Dencun upgrade will be the next catalyst for a potential cryptocurrency bull run. Doops made the statement during a recent YouTube Crypto Banter show while analyzing the cryptocurrency price cycles and their timing.
Doops noted that if Bitcoin holds up without having a pre-cycle dump ahead of March 13, the expected date for the Dencun upgrade, the event may send Ethereum soaring to new heights. According to Doops, an Ethereum surge at this time would cause a significant rally in the entire crypto market.
Still focusing on the expected catalysts ahead of the bull cycle, Doops identified the anticipated Ethereum ETF approval as another significant element that could affect the bull cycle. He described the expected ETF as the next potential catalyst for the crypto bull run, noting the significance of its timing.
The U.S. Securities and Exchange Commission (SEC) set the final deadline for Ethereum ETF approval for May this year. With that, there is potentially a cluster of catalysts, adding to the March Dencun upgrade and the upcoming Bitcoin halving in April. Hence, Doops believes the combined impact of these events will be the next driving factor for crypto prices to go higher.
Meanwhile, Doops spotted a developing upside breakout in the ETHBTC chart, signifying increasing ETH dominance in the crypto market. According to him, that is a signal for a potential rally for the majority of cryptocurrencies. He explained that the phenomenon would lead to an altcoin season and an overall bull cycle.
Ethereum traded for $3,111 at the time of writing, having maintained a steady uptrend for the past month, according to data from TradingView. The flagship altcoin reflects significant momentum on the weekly chart, with the next resistance around the $3,500 region.
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