Bitcoin And ETH Chase New Highs While Altcoins Catch Up

Key points:

Bitcoin bulls are chasing after BTC’s $123,218 all-time high as buying pressure surges.

Ether has played catch-up to Bitcoin and is close to making a new all-time high.

Bitcoin (BTC) rose above $122,000 on Wednesday, indicating that the bulls have kept up the pressure. The repeated retest of a resistance level tends to weaken it, increasing the likelihood of a breakout above the all-time high of $123,218.

BTC is not alone. Ether (ETH) has also charged toward its all-time high of $4,868. Crypto sentiment-tracking platform Santiment said in a post on X that ETH could break out to a new all-time high as retail traders are in disbelief of the current rally. History shows the price moves in “the opposite direction of retail traders’ expectations.” 

In a report shared with Cointelegraph, Standard Chartered said aggressive buying by ETH treasury companies and exchange-traded funds, along with the pace of stablecoin adoption, improves the outlook for ETH. This led the bank to boost their ETH price target to $7,500 in 2025 from $4,000 previously.

Could BTC break above the all-time high, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

Buyers have again pushed BTC toward the all-time high of $123,218, indicating solid buying on every minor dip.

The flattish 20-day simple moving average ($116,957) signals a balance between supply and demand, but the relative strength index (RSI) above 65 indicates positive momentum. That increases the likelihood of a break above $123,218. The BTC/USDT pair could then surge toward $135,000.

Time is running out for the bears. They will have to swiftly yank the price below the 50-day SMA ($114,682) to weaken the bullish momentum. If they do that, the Bitcoin price could tumble to $110,530.

Ether price prediction

ETH extended its rally above $4,700 on Wednesday, indicating sustained demand from the bulls.

Sellers will try to defend the $4,868 level, which could trigger a short-term correction or consolidation. The overbought level on the RSI also suggests the rally may cool off in the near term. If that happens, the ETH/USDT pair could descend to $4,350 and then to the breakout level of $4,094.

Instead, if buyers pierce the $4,868 level, the Ether price could skyrocket to the psychological level of $5,000 and then to $5,662. 

XRP price prediction

XRP (XRP) bounced off the 20-day SMA ($3.11) on Tuesday, but the bulls are struggling to sustain the higher levels.

The flattish 20-day SMA and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears. If the price rises above $3.40, the XRP/USDT pair could climb to $3.66.

Alternatively, a drop below the 20-day SMA signals that the bears are trying to gain the upper hand. The XRP price may then slump to the 50-day SMA ($2.85), which is likely to attract buyers. The short-term trend turns negative below $2.72.

BNB price prediction

BNB (BNB) has made a V-shaped recovery from $730 on Aug. 3, indicating aggressive buying at lower levels.

The BNB/USDT pair rallied close to the $861 overhead resistance, where the bears are posing a strong challenge. If the price turns down from $861, but rebounds off the 20-day SMA ($794), it suggests that dips are being purchased. That enhances the prospects of a break above $861. The BNB price may then ascend to $900 and later to $1,000.

The first sign of weakness will be a break and close below the 20-day SMA. That suggests profit booking at higher levels. The BNB price could then collapse to the solid support at $732.

Solana price prediction

Solana (SOL) turned up sharply from the 20-day SMA ($176) and surged above the $185 resistance on Tuesday.

The SOL/USDT pair rose near the $209 overhead resistance on Wednesday, but the long wick on the candlestick shows the bears are defending the level. The Solana price could skid to the $185 support, where the buyers are expected to step in. 

If the price rebounds off the $185 support with strength, the bulls will again try to thrust the pair above $209. If they can pull it off, the pair could rally to $240. 

On the contrary, a break and close below $185 suggests a range formation between $209 and $155.

Dogecoin price prediction

Dogecoin (DOGE) remains stuck inside a large range between $0.14 and $0.29 for the past several months.

The price bounced off the 20-day SMA ($0.22) on Tuesday, indicating that the buyers are trying to take charge. There is resistance at $0.25, but if the level is crossed, the DOGE/USDT pair could rise to $0.29. Sellers are expected to defend the $0.29 level with all their might because a close above it opens the doors for a potential rally to $0.44.

The first support on the downside is at the 20-day SMA and then at the 50-day SMA ($0.20). A slide below the 50-day SMA could drag the Dogecoin price to $0.18.

Cardano price prediction

Cardano (ADA) turned up sharply from the 20-day SMA ($0.77) on Tuesday, signaling aggressive buying at lower levels.

The bulls are trying to sustain the price above the $0.86 resistance. If they succeed, the ADA/USDT pair could climb to $0.94 and later to $1.02.

The first sign of weakness on the downside will be a break and close below the 20-day SMA. That could sink Cardano’s price to the 50-day SMA ($0.72). This is a crucial level for the bulls to defend because a break and close below the 50-day SMA may tilt the advantage in favor of the bears.

Related: Ether ‘marching’ toward all-time highs as traders predict $13K ETH price

Chainlink price prediction

Chainlink (LINK) has been marching toward the $27 level, indicating aggressive buying by the bulls.

Sellers are likely to pose a substantial challenge in the $26 to $27 resistance zone. If the price turns down from the overhead zone, the LINK/USDT pair could slump to $20.84. Buyers are expected to defend the $20.84 level because a break below it may sink the Chainlink price to $18.

Conversely, if buyers pierce the $27 resistance, the uptrend could resume and the pair may extend its up move to $31.

Hyperliquid price prediction

Hyperliquid (HYPE) has been stuck between the moving averages and the support line of the ascending channel pattern.

The flattish moving averages and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears. If buyers achieve a close above the support line, the HYPE/USDT pair could rally to $50. Sellers will try to halt the up move at $50, but the rally could extend to the resistance line of the channel near $64 if the bulls prevail.

This positive view will be invalidated in the near term if the price turns down and breaks below the moving averages. The Hyperliquid price could then descend to $36.

Stellar price prediction

Stellar (XLM) has been taking support at the 20-day SMA ($0.42), indicating a positive sentiment.

The 20-day SMA is flattish, but the RSI is in the positive territory, indicating that the momentum favors the bulls. If buyers push the price above $0.47, the XLM/USDT pair could surge toward $0.52. The Stellar price will complete a bullish inverse head-and-shoulders pattern on a close above $0.52.

Sellers will have to swiftly pull the price below the 20-day SMA to signal strength. The pair could then plunge to the 61.8% Fibonacci retracement level of $0.34.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.