Even though the bulls cleared the tough hurdle at $70,000 on May 27th, they couldn’t maintain the positive momentum, causing Bitcoin to decline to $68,367 at press time. The latest price action is influenced by news about fallen crypto exchange Mt. Gox transferring BTC worth $7 billion to a new wallet. Some analysts believe that the collapsed trading platform is looking to offload its Bitcoin holdings to repay its creditors.
Meanwhile, popular analytics platform Rekt Capital is optimistic that Bitcoin is still in a post-halving reaccumulation phase, which it says lasts at least 150 days. Rekt Capital anticipates that Bitcoin will break above its all-time high around November.
Bitcoin’s current price action and the recent approval of Ethereum spot ETFs have caused ETH to attract investors, who are now positive about the coin rallying in the next few weeks. DeFiance Capital boss Arthur Cheong wrote on X that ETH could hit $4,500 even before Ethereum ETFs start trading in mid-June.
Cheong said that when Ethereum starts rallying, other altcoins will follow. If his predictions are true, what resistance levels must we keep an eye on? Analyzing the price charts will help us get the answers.
Bitcoin Price Analysis
BTC bulls defended the 20-day Exponential Moving Average of $66,786 on May 24th, causing the coin to rally briefly above $70,000 yesterday. However, the solid bear presence at higher levels has made it difficult for Bitcoin to grow toward $73,719. As mentioned, BTC is valued at $68,367 as of this writing. If it falls to $66,786 and the buyers don’t purchase the dip, a move to $63,027 and then to $59,622 could happen.
From a positive point of view, BTC could cross above $73,719 to rally to $80,000 if the bulls manage to protect $66,786.
Ethereum Price Analysis
The United States Securities and Exchange Commission’s move to allow Ethereum spot ETFs in the American market has been a key driver of the latest ETH rally. The coin went from $3,726 on May 26th to $3,882 at press time. If the bulls continue to buy, the $3,945 resistance level may collapse, giving room for a surge to $4,094 and later to $4,861.
The bears, on the other hand, need to drag Ethereum below the $3,725.50 breakout level to overcome the bulls. If this becomes a reality, ETH could drop to find support at the 20-day Exponential Moving Average of $3,452.40.
BNB Price Analysis
The bulls haven’t caused a rally to $635.25 despite BNB crossing above $600.10. However, the good news is that the bears are also struggling to pull the Binance Coin below the uptrend line, suggesting that the bulls have overpowered them for now.
If the buyers eventually thrust BNB above $635.25, we are likely to witness a rally to $650.04 and then to $691.60. Conversely, if the 20-day Exponential Moving Average of $594.80 collapses, BNB may fall to $535.89 due to intense selling pressure.
Solana Price Analysis
SOL is one of the three top-ten coins that have seen 7-day losses of above 5%. Nonetheless, the bulls have succeeded in pushing back the digital asset above the $161.94 breakout level and the 20-day Exponential Moving Average of $165.20. Solana is trading at $169.76 as of this writing. The buyers aim to thrust the coin above $188 and then fuel a rally to $204.78.
Meanwhile, if the bears pull and keep SOL above $161.94, it’ll indicate low demand at high levels, and this could fuel a bearish move to $138.90 and even to $125.50.
XRP Price Analysis
XRP has stayed above the 20-day Exponential Moving Average of $0.5232 since May 24th. However, the buyers have failed to fuel a rally, signaling that the sellers remain active at higher prices. If the buyers finally push XRP above $0.5703, an ascending triangle will form, increasing the prospects of a move to $0.6811.
On the contrary, dragging XRP below $0.5232 might allow the sellers to pull the coin toward $0.4675.
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