In a new video update, analyst Michaël van de Poppe tells his 163,000 YouTube subscribers that Ethereum is at risk of further downside unless it can reclaim support at $1,785.
“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.”
At time of writing, ETH is trading for $1,751. A move toward Van de Poppe’s reversal area suggests an over 8% decline for leading altcoin.
Looking at Binance Coin, the utility token of the world’s largest crypto exchange, Van de Poppe says that BNB’s failure to stay above support at around $270 suggests that the altcoin is likely en route toward $200, where it could potentially reverse.
“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.”
At time of writing, BNB is worth $237.
As for the peer-to-peer payments network Litecoin, Van de Poppe says that LTC may be close to ending its correction.
“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 time of writing, LTC is trading for $78.78.
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