Crypto Analyst Michaël van de Poppe Warns Traders Chasing Ethereum, Updates Outlook on Bitcoin and Cardano
Popular crypto trader Michaël van de Poppe is taking a look at the state of Bitcoin, Ethereum and Cardano.
Van de Poppe tells his 469,000 Twitter followers that a bullish divergence may be forming for the smart contract platform Cardano (ADA).
Van de Poppe notes that Cardano’s previous high from March may be turning into the crypto asset’s support line while ADA’s relative strength index (RSI) is “completely resetting.”
Van de Poppe identifies a critical price level, approximately $2.23 (~0.00003657 BTC), that ADA must break through to begin another sustainable rally. Cardano is trading at $1.98 at time of writing, according to CoinGecko.
Van de Poppe is also updating his outlook on the state of Ethereum (ETH). Eyeing the leading smart contract platform’s recent growth, Van de Poppe warns the leading smart contract platform “could be facing a corrective move relatively soon.”
When it comes to trading Ethereum, the crypto analyst suggests,
“At this point, I would not be chasing a trade at all.
I would be looking at potential opportunities to scale in on a lower time frame and just wait it out for a little [while], or check out whether other altcoins are looking interesting.”
Ethereum is down 1.2% over the past 24 hours, trading at $4476 at time of writing, per CoinGecko.
As for the largest cryptocurrency by market cap, Bitcoin (BTC), Van de Poppe says,
“We’re still stuck above the crucial level, 59k to 56k. We didn’t really jump heavily off that level, but I find it’s still very important to keep the support at those ranges.”
The analyst is identifying more “crucial levels” for BTC.
“Crucial level here is the area around $61.5k. If that holds, we might attack range high again, otherwise I’m assuming a retest at $58k could happen for Bitcoin.”
According to CoinGecko, BTC is trading at $61,257 at time of writing.
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