- Michaël van de Poppe, a renowned crypto analyst, reveals critical price levels where Ethereum, Binance Coin, and Litecoin might see trend reversals.
- Ethereum needs to maintain support at $1,785 to avoid further declines, Binance Coin could possibly reverse at $200, and Litecoin’s turnaround point might lie between $70 to $73.
As the altcoin market undergoes a notable correction, esteemed cryptocurrency analyst Michaël van de Poppe is identifying potential price points where digital asset bulls may intervene, sparking trend reversals for Ethereum (ETH), Binance Coin (BNB), and Litecoin (LTC).
In his recent video update to his 163,000 YouTube subscribers, Van de Poppe warns that Ethereum is vulnerable to further depreciation unless it manages to uphold support at $1,785. He says,
“This entire area of $1,785 is something we need to sustain. Otherwise, we are going to look at a case that I think we are going to retest the area around $1,600 and have the reversal taking place.”
With Ethereum presently trading at $1,751, Van de Poppe’s suggested reversal point indicates a potential downturn of more than 8% for this leading altcoin.
On the other hand, Van de Poppe’s analysis of Binance Coin, the native utility token of the world’s largest crypto exchange, indicates that BNB’s inability to preserve support around $270 signifies a likely drop towards $200, where it might start to bounce back. He points out,
“We need to reclaim the area of [$270] in order to prevent a market breakdown. We did have this market breakdown, and now we’re looking at potentially taking this liquidity beneath the low here for Binance Coin before we are most likely going to reverse. So I’m looking at bids in this range ($200) if we’re going to get that.”
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Currently, BNB is priced at $237.
As for Litecoin, the peer-to-peer payments network, Van de Poppe suggests that it could be nearing the end of its correction phase. He notes,
“I think if we are going to have a reversal taking place, this is the range that we’re looking at, perhaps towards $70 to $73. If that is going to be the case, then I think we’re going to have a swift rally back up.”
At present, Litecoin is trading for $78.78.
Van de Poppe’s analysis serves as a key reference point for investors, providing an insightful perspective on potential turnaround levels amidst the current altcoin correction.
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