Bitcoin has been subject to extreme volatility within the $55,739 – $73.654 trading range in the past two weeks. While most analysts remain bullish on the coin, it’s still challenging to predict whether the breakout will happen on the lower or upper side.
This week’s sideways price action has not triggered massive BTC sales. Instead, analysts from CryptoQuant have reported that about 51,000 Bitcoin have been bought and removed from exchanges and transferred to non-custodial wallets as long-term investors anticipate a bullish move in the coming months.
Furthermore, investors have also accumulated Ethereum in the past four days. According to crypto analyst Satoshi Sniper, whales have purchased 200,370 ETH worth over $530 million since Monday.
Is buying pressure from the whales enough to push Ethereum to higher levels and fuel a marketwide rally? And if the rally eventually happens, what resistance areas must we monitor? Let’s look at the price charts to find answers.
Bitcoin Price Analysis
On August 26th, the bulls failed to thrust Bitcoin above the $64,908 resistance, signaling a low demand at higher prices. The bears then began a downtrend, pulling BTC below the 50-day Simple Moving Average ($61,956) and the 20-day Exponential Moving Average ($60,697) as of this writing.
It is worth mentioning that the coin dropped below the $58,100 support on Wednesday, causing liquidations worth $65million.
If the bears keep Bitcoin below the moving averages for longer, it will be safe to assume that the bulls are not interested in buying the dips. As such, the digital token could fall below $58,100 and head to $55,739, where we predict intense buying activity.
On the positive side, a move above $61,956 could mean that the bulls are aiming to push BTC past $64,908 and fuel a rally to $69,217.
Ethereum Price Analysis
The buyers failed to force a move above the $2,859 breakdown level on August 25th, signaling that the sellers were active at higher prices. The reversal from that point means that Ethereum continues to trade below the 50-day Simple Moving Average of $2,947.50.
However, the positive news is that the buyers have guarded the $2,496.70 crucial support to retain their advantage. If buying pressure increases in the coming days, ETH could cross the 20-day Exponential Moving Average of $2,674 to retest $2,859.
On the other hand, a sustained fall below $2,496.70 would shift the advantage to the bears, who might aim to drag Ethereum to $2,348 and later to $2,156.
BNB Price Analysis
Since June, BNB’s price has ranged between $459.87 and $634.69, indicating a balance between the bears and bulls. And with the Relative Strength Index indicator at 49.72, the token will likely trade in this range for an extended time unless an external factor comes into play and causes a breakout.
BNB is valued below the 20-day Exponential Moving Average of $548.48. If it stays at lower levels for long, a move to $496.6 becomes possible. On the contrary, thrusting the digital coin above the 50-day Simple Moving Average of $551.57 boosts the chances of a rally to $602.13.
Solana Price Analysis
Similarly to BNB, SOL trades below its 20-day Exponential Moving Average ($149.93). It has retested this level twice but failed to cross it, suggesting that higher prices continue to attract sellers.
If the current selling activity causes a further bearish move, the support at $135.11 should be monitored closely. If it breaks, a drop to $128.98 or $120.38 seems likely. On the other hand, if the bulls push Solana past $149.93, it could grow above the 50-day Simple Moving Average and rally to $179.80.
Toncoin Price Analysis
After being subject to significant selling pressure since August 24th, when Telegram boss Pavel Durov was arrested in Paris, TON has been in recovery mode over the past 24 hours, surging 3.5%.
However, the recovery rally hasn’t been enough to thrust the Telegram-affiliated token above the 20-day Exponential Moving Average of $6.10. But if Toncoin eventually crosses this level, an uptrend to $6.62 could happen. On the other hand, buyers’ failure to protect $5.23 could prompt a move to $4.76.
