As the cryptocurrency market continues under selling pressure, renowned crypto analyst Michaël van de Poppe is outlining the key price levels that he believes crypto bulls could exploit to turn the declining trend of Ethereum (ETH), Binance Coin (BNB), and Litecoin (LTC) into a rising one.
Waiting for $1,600 to Buy Ethereum
Closely followed for his crypto analysis, Michaël van de Poppe, in a new video update, warned investors that the largest altcoin Ethereum could face increased risk of further decline unless it regains its $1,785 support.
According to Van de Poppe, “This $1,785 zone needs to be crossed and held above. Otherwise, we may have to retest the region around $1,600 and expect the downtrend to turn into an uptrend from there.” At the time of this writing, ETH, which is trading at $1,643, is quite close to the level indicated by the analyst.
Analyst Identifies Ideal Buying Points for Binance Coin and Litecoin
Looking at Binance Coin (BNB), the service token of the world’s largest crypto exchange Binance, Van de Poppe noted that if BNB cannot stay above its support around $270, the altcoin’s uptrend could end with a sharp drop, potentially triggering a decline to $200. Van de Poppe suggests that “to prevent a collapse in BNB, it needs to cross the $270 region. BNB fell sharply and is likely to test the high liquidity zone for BNB before the drop turns into a rise. So, the $200 region could be a sensible level for those who want to buy BNB.”
After ETH and BNB, Van de Poppe moved on to Litecoin (LTC), the peer-to-peer payment network. The analyst suggested that LTC might be close to turning the price decline into a rise, stating: “I think if the price is going to bounce back and rise, it should be from the region between $70 and $73. If the rise begins this way, then I think we will experience a fast increase.”