Van de Poppe Draws Key Support Levels For Bitcoin And Ethereum

A top crypto analyst and trader, Michaël van de Poppe, looks into Bitcoin (BTC) and Ethereum (ETH) and what could be next for the two leading digital assets.

Bitcoin (BTC)

In a recent video update, Van de Poppe shared with his 165K subscribers on YouTube that Bitcoin’s key support level is around $41,000, which is must hold.

“If we are looking at the daily timeframe, we are also seeing a very important level that we are finding ourselves support and that is the area around $41,000. This slight block is technically the area that you should be watching whether we find ourselves support yes or no. If that one is going to be lost in the coming week or in the coming weeks, the entire construction is lost. 

($41k) is literally the barrier between another test of $46,000 and potentially getting into that range or dropping all the way beneath and testing lower levels.”

While the analyst is buying BTC at around $41,000, making it a good entry level, he also warns that if it falls below this area, a move down to $37,000 or $35,000 is likely.

At time of writing,  BTC is trading at $42,562, up 1.07% on the daily chart.

Ethereum (ETH)

Regarding Ethereum, The analyst notes that ETH is facing heavy resistance areas and is likely to fall down a bit, before triggering its next rally.

“We can see that we’ve got two big order blocks ($3.1K and $4K) on the weekly timeframe as resistance is coming in and ($3.1K) is the one that we’re currently rejecting on. In that case, I’m assuming that we’re going to have a longer period of sideways action before we can actually start running again unless Ethereum regains the level of $3,100.”