Crypto Selloff Hits Ethereum Hardest, Yet Michael Van De Poppe Sees 300% Upside Vs Bitcoin

Ethereum led losses on Monday morning after the weekend crypto flash crash, falling more than 7% in the last 24 hours.

• Michael van de Poppe believes that Ethereum’s price could rally more than 300% against Bitcoin after gold’s recent record high of over $5,500 per troy ounce.
• In a post on X, he drew historical links between gold peaks and ETH rallies.
• Analyst Marc De Mesel said Ethereum is not “done” despite the recent rout, forecasting upside for the leading altcoin.

Ethereum (ETH) led losses over the weekend as the crypto market crashed and Bitcoin (BTC) crashed to under $75,000. However, analysts believe that this could be a bullish setup for the leading altcoin after gold’s recent rally. 

Founder and the chief investment officer at MN Fund, Michael van de Poppe, believes that Ethereum’s price could rally more than 300% against Bitcoin after gold’s recent record high of over $5,500 per troy ounce.

Ethereum led losses among the top 10 cryptocurrencies by market capitalization on Monday morning, down 7.4% in the last 24 hours to around $2,200. On Stocktwits, retail sentiment around the altcoin remained in ‘bearish’ territory even as chatter rose to ‘extremely high’ from ‘high’ levels over the past day. 

Meanwhile, Bitcoin’s price was down 2.3% in the last 24 hours to $76,600, recovering from a low of around $74,500, last seen in November 2024. Retail sentiment around the apex cryptocurrency fell to ‘extremely bearish’ from ‘bearish’ territory over the past day, while chatter stayed at ‘extremely high’ levels. BTC was among the top trending tickers on Stocktwits at the time of writing, 

The price of gold has crashed over 14% since Friday to around $4,600 per troy ounce after the record high. Retail sentiment on Stocktwits around the SPDR Gold Shares ETF (GLD) was in the ‘extremely bullish’ territory with chatter at ‘extremely high’ levels over the past day. The ETF edged 0.97% higher after hours, following a loss of over 10% on Friday.

Van De Poppe Says Ethereum’s Price Will Rally

Van de Poppe noted that during the last cycle, Ethereum bottomed roughly nine months before gold reached its high, followed by a sharp decline of about 30% to 40%. Ethereum went on to significantly outperform Bitcoin amid a broader crypto bull market.

According to him, the current setup looks similar. Ethereum bottomed around nine months ago, hitting $2,113 in June. He added that ETH’s price is already down about 31% from recent highs, while gold has pushed to a new record above $5,500 per troy ounce. 

The earlier cycle saw Ethereum rise more than 300% relative to Bitcoin once liquidity conditions improved and risk appetite returned, which Van de Poppe forecasts may happen again this time around.

Other Analysts Are Bullish, But Flag Caution

According to crypto analyst Marc De Mesel, Bitcoin crashing over the weekend showed that it's probably near or past its peak cycle, but Ethereum is not “done.” He forecast that ETH and other altcoins could still have upside, even though this cycle has been disappointing so far. 

Mesel noted that Ethereum has slightly outperformed Bitcoin on long-term trend charts. He added that ETH briefly fell into the serious “undervaluation” zone earlier this year during a bull market — something that has never happened before. However, the altcoin has never reached extreme overvaluation levels, which suggests it’s not overheated, Mesel said.

According to him, the crypto market is in the middle of an altcoin season, but it’s weaker than the last time around. He speculated that this could be due to their overperformance in the previous cycle, or perhaps retail investors are sitting this one out. It could also be that the AI hype is keeping capital away from altcoin traders. 

Either way, he recommends that altcoin traders give it a little more time until the market hits 45% Bitcoin dominance. Currently, that figure sits at 59.4%, according to CoinMarketCap data.

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