Bitcoin bears have continued to defend the $120,000 resistance, but the bulls haven’t allowed them to pull the coin below key support levels. This suggests that the bulls intend to push BTC above that key barrier to start the second leg of the uptrend in the coming days.
According to Tom Lee, the head of research at Fundstrat, Bitcoin could rise to $150,000 if it enters a price recovery after surpassing its all-time high of $123,200.
As Bitcoin sells off, Ethereum, on the other hand, is attracting investors, who have pushed its price to $3,806 as of this writing. The latest ETH rally is primarily driven by institutional investors who continue to pour capital into spot exchange-traded funds (ETFs). Data from SoSoValue shows that Ethereum spot ETFs have processed $9.33 billion in net inflows since the start of July.
So, will rising institutional investor interest in Ethereum kickstart the altseason, causing other altcoins to rally? If so, which resistance levels should we monitor in the next few weeks? Let’s study the charts to find answers.
Bitcoin Price Analysis
BTC rebounded from the 20-day Simple Moving Average of $117,547 on Wednesday morning, rallying to $118,203 at press time. The 4-hour long-wicked candlestick seen in the chart suggests that buyers are aggressive at lower levels, and could drive Bitcoin to $120,000 in the coming days. If that happens and the coin manages to rise to $123,200, then we anticipate a breakout at the all-time high, with the buyers looking to push BTC to $135,500 and then to $150,000.
Conversely, bears could have the upper hand if they drag Bitcoin below $117,547. As such, a solid downtrend to the support at $110,480 cannot be ruled out.
Ethereum Price Analysis
The bulls have flipped $3,750 into a vital support level, signaling their intention to propel Ethereum to higher levels. As mentioned, ETH is priced at $3,806. If it continues to surge and crosses the $3,950 resistance, then the prospects of a move toward $4,097 and then to $4,200 will improve significantly.
On the other hand, the bears will be happy to pull Ether toward the $3,500 support and later to the 20-day Simple Moving Average of $3,430 if the bulls fail to guard $3,750.
XRP Price Analysis
XRP has witnessed a massive sell-off since peaking at $3.657 on Monday. It’s now changing hands for $3.110, near the 20-day Simple Moving Average of $3.085. If it reaches that key level and the bulls show no interest in buying the dip, then a price correction to $3.04 and later to $2.860 is highly likely.
On the contrary, increased buying at $3.085 would mean that the bulls are keen on keeping XRP at higher prices. If they trigger a recovery rally from that level and defeat the bears at $3.657, a journey to $4 would become a reality.
BNB Price Analysis
BNB rallied to $855 on Tuesday, setting a new all-time high. However, higher prices have attracted sellers, who’ve applied pressure, dragging the coin to $799 at the time of writing. If profit booking intensifies and the $762 support gives way, the Binance Coin could plummet to $710, where we expect buyers to purchase the dip to avoid a drop to $685.
Contrarily, a solid rally above the $811 resistance would open doors for a rally to $855 and then to $900 for the first time in BNB’s history.
Solana Price Analysis
Solana bulls triggered a rally above $200 last Wednesday but failed to sustain the momentum as the bears booked profits aggressively, pulling the coin’s price to $179.83 at press time. If SOL drops further and plunges below the 20-day Simple Moving Average of $175.92, then it might head toward the 50-day Simple Moving Average of $160.53.
From a bullish point of view, if Solana crosses the $209.50 resistance and buyers maintain momentum, $230 could collapse, prompting a massive rally toward the $260 major barrier.
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