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Widely followed crypto trader and analyst Michaël van de Poppe is mapping out the price levels to watch for Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA).
In a new market update, Van de Poppe tells his 127,000 YouTube subscribers that Bitcoin recently reclaimed a key price area, indicating that Bitcoin is gearing up for a fresh rally.
“Yesterday, we’ve had a beautiful retest, so price broke back above the range ($47,000-$50,000), and we’ve actually retested the levels that I wanted ($47,000), and that’s very normal to be having at this stage in which we get some consolidation going on the Bitcoin markets…
So for me, this entire region between $46,000-$47,000 is very crucial to watch, through which as long as we stay above it, we could be seeing continuation towards the range highs, which is $50,000, and then I am assuming we are going to get some sideways action, through which altcoins will be doing absolutely great. And once we break above $50,000, I think Bitcoin will be grinding all the way back up towards a new all-time high.”
Taking a look at Ethereum (ETH), Van de Poppe says he wants to see the $3,400 level hold as support before moving towards new highs.
“This is the level I’m looking at, which is very similar to the Bitcoin level between $46,000-$47,000. If this holds and we see we are reversing the trend at this stage with Ethereum, I think we are going to have continuation towards the range high, which is around $3,840 towards 4,000.”
Against Bitcoin, the trader notes that ETH has been consolidating below the 0.077 BTC level ($3,630). The crypto trader says he’s looking for the ETH/BTC to find support at 0.072 BTC ($3,394).
“So the critical level for Ethereum to watch is this entire region that we have around 0.072 BTC ($3,394), and if that holds I think we’re going to have new highs relatively soon.”
Finally, Van de Poppe highlights Cardano (ADA). The crypto strategist says that despite Cardano’s lackluster performance over the past week, he’s expecting further upside after it establishes a new support level following the launch of smart contracts on the blockchain.
“As long as Cardano is going to stay above that level of $1.90, I think it’s going to continue moving. Right now, it’s just finding a new equilibrium after the fact that we had the smart contracts launched, and that is usually going with a slight corrective move before we’re going to have a continuation.”