A popular cryptocurrency analyst is cautioning Ethereum (ETH) traders that they should not expect the U.S. Securities and Exchange Commission (SEC) to approve an ETH exchange-traded fund (ETF) anytime soon. Michaël van de Poppe, a crypto trader with a large following on the social media platform X, believes that traders will have to wait longer for an ETH ETF. He predicts that the ETF is unlikely to be approved in May, but he sees a positive chance of approval in August. Van de Poppe believes that Ethereum is currently undervalued and expects it to outperform if the ETF is approved.
Van de Poppe suggests that the current turbulence in the crypto markets presents an opportunity for investors. He advises investors to take advantage of the current sentiment, which expects a drop, and buy cryptocurrencies like Bitcoin, Chainlink, and other altcoins at lower prices. Despite the emotions and negative sentiment in the market, Van de Poppe believes that now is the time to make strategic investments.
When it comes to altcoins, Van de Poppe favors trading newer coins over the established ones. He points out that older coins, like Polygon (MATIC), have been providing poor returns recently. He suggests that investors consider whether these older coins will generate significant returns or if new coins have higher potential for upward growth. Van de Poppe personally sticks to trading new coins.
MATIC has experienced a 20% decline in the last month. Van de Poppe concludes by noting that the recent data from the Federal Open Market Committee (FOMC) is fueling the current rally in Bitcoin and the broader altcoin market. He believes that the poor economic data, along with potential rate cuts, will lead to a rally in risk-on assets. Van de Poppe sees the recent FOMC meeting as the low point for the markets and the beginning of an altcoin bull market.
At the time of writing, Bitcoin is valued at $61,702, with a 4% increase for the day. Van de Poppe’s analysis suggests that the market is experiencing positive momentum.
Please note that the opinions expressed in this article are not investment advice. Investors should conduct their own research and evaluate the risks before making any investment decisions.