As Bitcoin (BTC) failed to break the multi-month resistance level, sellers managed to bring the price down to $23,200. With bears taking control, the altcoin market is also in correction mode. Let’s take a look at which altcoins are signaling entry opportunities at current levels.
Michael van de Poppe said $25,000 would be critical
Well-known crypto analyst Michael van de Poppe remains bullish as Bitcoin rallied from $16,000 to $25,000 in just a few weeks. Earlier, he said that if Bitcoin breaks the $25,000 resistance, it could easily reach $30,000 and above. However, the failure of Bitcoin to break this critical resistance level indicates that the market may be on the verge of another correction.
Bitcoin fell yesterday from the $25,000 resistance, which it has tested several times since February 16. The leading crypto fell to the $ 23,200 region in a short time. The technical analyst says that Bitcoin needs further consolidation to continue its recovery. A retest of $22,4000 or a correction from $23,600 to $23,200 could be a good entry point. The correction in Bitcoin also presents an opportunity to buy altcoins at a significant discount.
Analyst identifies ideal entry levels for this altcoin
In terms of altcoins, Van de Poppe proposes a long position for Chainlink (LINK) at $7.25 and Ethereum (ETH) at $1600. He states that Conflux (CFX) is experiencing smoothing and a potential short trigger is around $0.33. Phantom (FTM) is gaining some momentum and offering long positions around $0.48.
Van de Poppe stressed that $1,600 is an Ethereum opportunity
Ethereum (ETH) is one of the cryptocurrencies in the green as the market prepares to enter the weekend. It has remained in the green at around 1.5% over the last 24 hours. Michael van de Poppe, on current Twitter analysts, stated that $1,600 is a “great” level for Ethereum. He added that the trend will likely continue at this level. Judging by the comments on the post, it seems that most people in the crypto community agree with the analyst’s prediction.
Altcoin whales start selling Ethereum on February 22
cryptocoin.com According to the analysis of Glassnode dated February 22, which we have cited, whales have started to sell ETH. New data shows that addresses holding over 1000 ETH have hit a one-month low.
Whales selling ETH could be a good thing as it could make the network more decentralized. However, if the trend of major addresses to exit their positions continues, it could negatively impact ETH prices. One reason why whales have been observed selling their ETH may be due to Ethereum’s high MVRV rate at press time. According to data from Glassnode, the MVRV rate for Ethereum has reached a one-month high.
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