Key points:
- Bitcoin finds support at lower levels, but may face strong selling in the $120,000 to $123,218 zone.
- Net Ether ETF inflows of more than $1 billion on Monday suggest solid institutional demand.
Bitcoin’s (BTC) strong rejection near the all-time high of $123,218 signals that bears are unlikely to surrender without a fight. BTC’s failure to hit a new all-time high resulted in a pullback in several altcoins, but a few have bounced back sharply.
Select analysts have turned cautious on BTC following Monday’s rejection. ZAYK Charts said in a post on X that the Wyckoff method suggests that BTC may have entered a distribution phase, and a confirmation of the same could sink the price toward $95,000.
Crypto market data daily view. Source: Coin360
In comparison, Ether (ETH) has remained strong. According to Farside Investors’ data, Spot ETH exchange-traded funds (ETFs) recorded their highest-ever net inflows of $1.01 billion on Monday.
Could BTC surprise to the upside? Will ETH lead the altcoins higher? Let’s analyze the charts of the top 5 cryptocurrencies that look strong on the charts in the near term.
Bitcoin price prediction
Sellers successfully thwarted buyers’ attempts to thrust BTC to a new all-time high above $123,218 on Monday.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The flattish 20-day simple moving average ($116,779) points to a balance between supply and demand, but the relative strength index (RSI) in the positive territory suggests the momentum favors the bulls. If the price stays above the 20-day SMA, the bulls will again attempt to drive the BTC/USDT pair above $123,218. If they can pull it off, the Bitcoin price could skyrocket toward $135,000.
Conversely, a drop below the 20-day SMA signals profit-booking by short-term traders. That could sink the pair to the 50-day SMA ($114,366), indicating a possible range formation in the near term. Sellers will have to tug the price below $110,530 to seize control.
BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pair has bounced off the 20-SMA on the 4-hour chart. The upsloping moving averages and the RSI in the positive territory indicate an advantage to buyers. If the $123,218 resistance is taken out, the pair could soar to $127,735 and later to $135,000.
Sellers are likely to have other plans. They will try to pull the price back below the downtrend line. If they do that, Bitcoin’s price could range between $123,218 and $111,920 for some time.
Ether price prediction
Ether started the next leg of the uptrend on Tuesday after buyers pushed the price above $4,366.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
The upsloping moving averages and the RSI in the overbought zone suggest that the path of least resistance is to the upside. Buyers will try to strengthen their position by pushing the ETH/USDT pair toward $4,868.
The $4,094 level is the crucial support to watch out for on the downside. A break and close below $4,094 indicates profit-booking at higher levels. Ether’s price could then plunge to the 20-day SMA ($3,833).
ETH/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pullback from $4,366 took support at the 20-SMA on the 4-hour chart, indicating a positive sentiment. The pair could rally to $4,500 and then to $4,868, where the bears are expected to pose a substantial challenge.
A break and close below the 20-SMA could pull the pair to $4,094. A solid bounce off $4,094 suggests the bulls are trying to flip the level into support. That increases the likelihood of the continuation of the uptrend. A deeper pullback could start if the $4,094 support cracks.
Chainlink price prediction
Chainlink (LINK) picked up momentum after breaking above the $18 overhead resistance on Thursday, indicating aggressive buying by the bulls.
LINK/USDT daily chart. Source: Cointelegraph/TradingView
The bears tried to stall the up move at $22.70, but the bulls surpassed the resistance on Tuesday. The LINK/USDT pair could surge to $27, where the bears are expected to mount a strong defense. However, if buyers overcome the barrier at $27, the rally could extend to $30.
This optimistic view will be negated in the near term if the price turns down sharply and tumbles below $20.83. That could sink the Chainlink price to $20 and below that to the solid support at $18.
LINK/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pullback bounced off the 20-SMA on the 4-hour chart, indicating buying on every minor dip. Both moving averages are sloping up, and the RSI is in the overbought zone, indicating that buyers remain in control.
The first support on the downside is the breakout level of $22.70, and then $21. A break and close below $21 suggests that the bulls are rushing to the exit. The next stop on the downside is at the 50-SMA.
Uniswap price prediction
Uniswap (UNI) bounced off the 50-day SMA ($9.05) on Aug. 3, indicating solid buying at lower levels.
UNI/USDT daily chart. Source: Cointelegraph/TradingView
The up move is facing selling at $12, but a positive sign is that the bulls have not ceded much ground to the bears. That suggests the bulls anticipate the up move to continue. If buyers drive the price above $12, the UNI/USDT pair could surge toward $15.
The first support on the downside is at the 20-day SMA ($10.19). If this level cracks, the Uniswap price could drop to the 50-day SMA. A short-term trend change will be signaled if the bears tug the pair below the 50-day SMA.
UNI/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pair turned down from the $12 overhead resistance, but a positive sign is that the bulls are trying to defend the 20-SMA on the 4-hour chart. Buyers will again try to drive the price above $12. If they succeed, the pair could rally to $14 and then to $15.
Sellers are likely to have other plans. They will try to pull Uniswap’s price below the 50-SMA. If they do that, the pair could descend to $10 and later to $9.50. That could signal a range formation between $8.50 and $12 for some time.
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.
