A closely followed crypto analyst is taking a look at Bitcoin (BTC), Ethereum (ETH) and the rest of the crypto markets after a busy week.
The crypto markets have been tumultuous this week, primarily in response to the two US Securities and Exchange Commission (SEC) lawsuits against Coinbase and Binance.
In its lawsuit against Binance, the SEC alleges that Binance violated securities laws by selling unregistered securities to US clients. In its similar lawsuit against Coinbase, the SEC alleges that Coinbase violated securities laws by failing to register certain digital assets as securities. The news of the Coinbase lawsuit came a day after the news of the Binance lawsuit. Both cases have rocked the crypto markets this week.
In response to the volatility, widely followed cryptanalyst Michaël van de Poppe says his 657,400 followers on Twitter that BTC needs to stay above $26,100 to avoid further declines.
“Bitcoin is still range low, but the price action is just disgusting.
It needs to stay above $26,100 to avoid a cascade.”
BTC is worth $26,613 at the time of writing.
Looking at the leading Ethereum smart contract platform, Van de Poppe says ETH needs to break and hold the $1,850 price level.
“Nice bounce on Ethereum, but we will definitely need to see it break $1,850.”
ETH is worth $1,855 at the time of writing.
Finally, looking at the crypto markets as a whole, the trader breaks down the total crypto market capitalization (TOTAL), a measure of the total value of the crypto space. Van de Poppe seems suggest the TOTAL should hold above the 200-week moving average (MA) to prepare for a rally.
“This week is a super important week for Crypto market cap.
Staying above the 200-week moving average is a must, and next week we have the CPI (consumer price index) and the Fed.
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Featured image: Shutterstock/Liu zishan/WhiteBarbie
