We have analyzed the latest NA50 data on J/ψ suppression in Pb+Pb collisions. J/ψ production is assumed to be a two-step process: (i) formation of a ccbar pair, which is accurately calculable in QCD, and (ii) formation of a J/ψ meson from the ccbar pair, which can be conveniently parametrized. The parameters of the model were fixed from experimental data on the total J/ψ cross section as a function of effective nuclear length. The model gives an excellent description of NA50 data on the ET dependence of the J/ψ-to-Drell-Yan ratio. It was applied to the ET dependence of J/ψ at RHIC energies, and predicts a much larger suppression of J/ψ, in agreement with other model calculations.