Crypto analyst Michaël van de Poppe is outlining the potential price paths for Ethereum (ETH) and Cardano (ADA) after the smart contract platforms’ latest surge.
In a new video, Van de Poppe tells his 164,000 YouTube subscribers that Ethereum is now en route to its next resistance at $3,500 after managing to print the first higher high in four months.
However, Van de Poppe warns that Ethereum may correct if the leading smart contract platform fails to breach resistance at $3,500.
“What you clearly want to see is that we start to gain strength so that we start to accelerate even more instead of this crawling upwards. In that case, I think we can start taking those highs too and if we clearly are not going to see continuations of strength at that point in time, I’m looking to actually take my profit on Ether too and then I’m expecting ourselves to have a retest.”
At time of writing, Ethereum is trading at $3,153.
As for Cardano, Van de Poppe says he also sees ADA rallying in the short-term before making a significant corrective move.
“It seems very likely that we’re going to sweep the highs here ($1.30) as that’s the resistance point, have a bearish divergence and then have a corrective move back towards $0.95 as people are still eager to take the profits from the positions that they have been building up. In that sense, I would not be expecting a continuation yet…We’re going to find ourselves a re-test of the low or potentially a higher low before we can start continuing.”
At time of writing, Cardano is exchanging hands for $1.14.
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