Key Points

• Bitcoin has dropped back to the support range between $115,000 and $110,530, where strong buyer interest is anticipated.

• Ethereum remains just below significant resistance levels, with increased investment in spot ETH ETFs reported.

Bitcoin (BTC) has struggled to maintain its position above $120,000 recently, prompting some short-term traders to cash out, leading to a drop below the $115,000 mark on Friday.

A report from SwissBlock indicates that BTC’s market dynamics may be shifting investors’ focus onto Ether (ETH), resulting in a change in capital distribution. Meanwhile, data from Farside Investors shows that spot ETH ETFs have seen around $2.4 billion in net inflows over the last six days.

Michael Novogratz, CEO of Galaxy Digital, expressed his belief on CNBC that ETH might outperform Bitcoin in the next three to six months. He believes that if ETH reaches $4,000, it could enter a new phase of price discovery.

Arthur Hayes, the co-founder of Bitmex, echoed this optimism, predicting ETH could reach $10,000 by year-end.

What should traders keep an eye on regarding support and resistance levels for BTC and major altcoins? Let’s explore the charts of the top ten cryptocurrencies.

Bitcoin Price Forecast

Bitcoin is currently trading below the 20-day Simple Moving Average (SMA) at $116,305, suggesting a potential downward trend.

Nevertheless, it’s important to note that bulls often don’t back down easily. They are likely to defend the support zone between the 20-day SMA and $110,530. A sharp price rebound could turn sentiment positive, indicating that traders are capitalizing on dips, which raises the possibility of a rise above $123,218. In such a scenario, the BTC/USDT pair might extend to $135,729.

Conversely, if Bitcoin’s price continues to drop and falls below $110,530, it could trigger further selling, potentially bringing it down to the pivotal support level of $100,000.

Ether Price Prediction

Ethereum currently faces notable resistance at the $3,745 level; however, it seems that bulls haven’t conceded much ground to bears.

The close proximity to strong resistance raises the likelihood of a breakout above it. Should that happen, the ETH/USDT pair may test the next resistance level at $4,094. A successful break and closing above that could initiate an upward trend toward $4,868.

On the downside, immediate support is seen around $3,500. A fall below this level could pave the way for a further drop to the 20-day SMA at $3,234. Buyers are expected to be quite assertive in defending the 20-day SMA, as a breach could favor the bears.

XRP Price Forecast

XRP buyers attempted to push above $3.66 on Monday, but resistance remained firm.

Without a resurgence in uptrend momentum, short-term buyers may feel inclined to take profits. This has lifted the price to the 20-day SMA at $2.96, a potential strong support. If the price bounces back decisively at this level, bulls could make another attempt to propel the XRP/USDT pair over $3.66. Success here could raise the price to $4 and possibly $4.50.

If, however, the price breaks below the 20-day SMA, it may signal the beginning of a more significant decline, dropping to around $2.60.

BNB Price Prediction

BNB reached a new all-time high of $809 on Wednesday, but bulls couldn’t sustain that momentum.

The pullback has found support in the $761-$732 range. This moderate pullback suggests that bulls are still optimistic and expect another surge. Should prices rise and break through $809, the BNB/USDT pair might race towards $900.

Sellers, on the other hand, need to keep prices below the 20-day SMA at $714 to prevent further gains. Such action may indicate that a break above the $794 level could have been a bull trap.

Solana Price Forecast

Solana experienced a decline from a resistance level of $209, falling below the breakout point of $185.

Support is expected around the 20-day SMA at $171. If prices recover from this level, bulls will likely attempt to retake the Sol/USDT pair above $209. If successful, a jump to $240 and potentially $260 could follow.

Alternatively, a drop below the 20-day SMA may signal a loss of bullish momentum, with the pair possibly falling to the 50-day SMA at $157, delaying any chance of upward movement.

Dogecoin Price Forecast

Dogecoin has been fluctuating between $0.14 and $0.29 over several days, indicating a strategy of buying on dips and selling near resistance levels.

After falling from $0.29 on Monday, support might be found at the 20-day SMA at $0.21. Should prices bounce off this support, bulls may attempt to drive the Doge/USDT pair back to $0.29. Breaking and closing above this level could ignite upward trends toward a target of $0.44.

Conversely, if prices fall below the 20-day SMA, it could suggest that the pair will remain within this wide range for the coming days.

Cardano Price Forecast

Cardano is currently finding support at the 20-day SMA at $0.74, though bears are still present in the market.

A failure to maintain levels above the 20-day SMA suggests weak demand, potentially leading to a drop to the 50-day SMA at $0.66.

If prices recover and reclaim the 20-day SMA, bulls could aim for $0.86 and then $0.94. Sellers are expected to guard the $0.94 mark, but if bulls succeed, the ADA/USDT pair may rise to $1.02 and eventually $1.17.

High Lipid Price Forecast

Mercury recently touched the support line of an upward channel pattern, falling below the 20-day SMA at $44.29.

The 50-day SMA at $40.69 aligns closely with this support, suggesting that bulls may vigorously defend these levels. Should the price rebound and clear the 20-day SMA, it could move towards $48 and then to $49.87.

In contrast, breaking below the support line could trigger deeper corrections, with the pair potentially dropping to $36 or even $32.

Stellar Price Prediction

Stellar hit a low after retracting from $0.52, now resting at the 20-day SMA at $0.40.

If the price manages to bounce back strongly off the 20-day SMA, bulls would aim to push the XLM/USDT pair back to challenge the overhead resistance at $0.52. A successful breakout could set the stage for gains up to $0.64.

Conversely, breaking below the 20-day SMA could signal that short-term bulls are capitalizing on profits, possibly driving the price down to $0.34, the 61.8% Fibonacci retracement level.

SUI Price Forecast

SUI has faced resistance at $4.30, indicating bearish activity at higher price levels.

A key support level to watch is $3.55. If prices manage to rise from here and break through $3.87, the SUI/USDT pair might establish a range between $3.55 and $4.30, shifting control back to buyers.

On the flip side, if the price continues to fall below $3.55, it would suggest bulls are losing ground, potentially setting the stage for a drop to the 50-day SMA at $3.20.

This article does not include investment advice or recommendations. All investment and trading activities carry risks, and readers are encouraged to conduct their own research when making decisions.