Bitcoin has failed to cross the new all-time high ($123,000) this week due to short-term traders applying selling pressure. As a result, the price of the number one digital asset by market cap has dropped to $115,832 as of this writing.
As the value of BTC plummets, exchange-traded funds (ETFs) based on the coin are witnessing notable outflows, with SoSoValue reporting that over $130 million was withdrawn on Thursday alone. Note that the outflows come after 12 straight days of inflows worth nearly $6.5 billion.
As Bitcoin ETFs bleed, Ethereum ETFs, on the other hand, are having a good run this week. Data from CoinShares shows that over $1.8 billion has been pumped into those products since last Friday. Furthermore, growing investor interest in Ethereum enabled the coin’s price to surge to $3,800 for the first time since early 2024. It has, however, reversed to $3,680 at press time.
Will the Ethereum pump fuel the start of an altcoin season, prompting a market-wide rally? If so, which vital resistance areas should traders watch keenly? Let’s find the answers by studying the charts.
Bitcoin Price Analysis
BTC briefly dipped below $115k on Friday morning, suggesting that the bears are unable to sustain bearish momentum. However, if the bulls let their guard down and allow Bitcoin to trade below that key support level for an extended period, we might see a sharp decline to $110,500. Additionally, a journey to $100,000 could begin if the buyers fail to purchase the dip at the second support.
Conversely, a break above $120,000 enhances the probability of a jump to $123,000. And if the bulls build strong momentum at the all-time high, Bitcoin could rally to $135,000 and then to $140,000 for the first time in its history.
Ethereum Price Analysis
As mentioned, ETH hit $3.8k earlier this week. However, increased selling at higher levels made it difficult for the bulls to sustain momentum. The bears are now looking to pull the coin to the crucial support at $3,500.42. If the buyers fail to apply pressure there, then another drop to the 20-day Exponential Moving Average of $3,192 seems possible.
On the positive side, the bulls will improve their probability of pushing Ethereum to $4,100 if they manage to thrust and maintain the second-largest asset by market cap above $3,800.
XRP Price Analysis
XRP set a new all-time high on Monday after crossing $3.40 and peaking at $3.65. However, the bulls couldn’t keep the asset at higher prices as short-term investors aggressively booked profits. It’s now priced at $3.07, according to data from CoinGecko. If the downtrend persists, and the bulls fail to arrest it at the 20-day Exponential Moving Average of $2.95, a dip to the $2.70 support would become more likely.
On the contrary, if the barrier at $3.65 is broken, we can assume that the uptrend has resumed, with the bulls looking to cause a surge toward $4 and later to $4.50.
BNB Price Analysis
BNB crossed $800 on Tuesday after the buyers overpowered the sellers at the $759 resistance level. However, the aggressive profit booking at higher levels has caused the coin to retrace to $770 at the time of this writing. If a further drop happens and $759 collapses, then the bears will have a short-term advantage, pulling the Binance Coin to the 20-day Exponential Moving Average.
Meanwhile, a sustained rally above $800 would signal that the bulls are back at the driver’s seat, aiming to push BNB to $900 and set a new all-time high.
Solana Price Analysis
Solana’s touched $200 for the first time since January. However, the bulls failed to push it above $210, a move that would have strengthened their position. As of this writing, SOL has dropped to $177, with the bears targeting the 20-day Exponential Moving Average of $169. On the bullish side, we may witness Solana rise to $230 if buyers push and keep it above $210.
