Popular cryptocurrency trader Michaël van de Poppe says that Ethereum ETH/USD is now en route to its next resistance at $3,500.
What Happened: Talking to his YouTube subscribers, the crypto analyst said Ethereum may correct if the leading smart contract platform fails to breach resistance at $3,500.
“What you 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 are not going to see continuations of strength at that point in time, I’m looking to take my profit on Ether too, and then I’m expecting ourselves to have a retest,” Van de Poppe said.
Last week Ethereum crossed the $3,000 level which led to plenty of liquidations.
Interesting area approaching for $ETH, where we can see multiple areas of liquidity to be hunted, but also higher-timeframe resistance zone.
If that breaks, party time is definitely on the horizon. pic.twitter.com/ivtBj31pqB
— Michaël van de Poppe (@CryptoMichNL) March 27, 2022
Van de Poppe has said that there were relief rallies everywhere, but advised his Twitter followers to take their profits.
Also Read: Bitcoin, Ethereum, Dogecoin Hold Firm Even As Equities Slide: Is It Time To Take Profits?
Speaking about Cardano ADA/USD, Van de Poppe said that he also sees it 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,” Van de Poppe added.
At the time of writing, Ethereum was trading at $3,160.31, up by 1.36% in the last 24 hours. Cardano was trading at $1.13, up by 0.38% in the last 24 hours.