Bitcoin and ETH Price Prediction: Bulls Seem Exhausted, LINK Eyes $12.50
- Bitcoin struggled to stay above $24,250 and corrected lower.
- Ether (ETH) failed to maintain its rally above $1,950.
- LINK is signaling a rally towards $12.50 on the daily chart.
Bitcoin has seen bullish price action over the past few days, which saw it climbing above the 21-day simple moving average (H1) and ranging above the $24,000 level.
The bulls, however, were unable to push BTC above the resistance at $25,000, which sent prices lower back towards the support at $23,600.
BTC has now fallen through a key trendline that had previously provided support on several occasions.
BTC needs to consolidate above the $23,600 level before it can begin moving higher towards the $25,000 zone again. A fall from its current support will see BTC heading back to the $23,200 level which previously served as support.
ETH also followed a similar path after it spiked above the $1,900 level. The price failed to gain strength for a move above the $1,950 resistance zone.
There was a downside correction below the $1,900 level and the 21-day simple moving average (H1). The price of ETH is now following a descending channel pattern with resistance near $1,900 on the hourly chart. If ETH breaks through this level, support can be found near $1,800.
With the Goerli merge now successfully completed and just weeks remaining until the mainnet Merge event, the sentiment around Ethereum remains bullish.
After consolidating above the $6 level for several days, LINK bulls were able to push the price past the resistance at $6.50 and $7.20.
The price has now settled above the $8.00 level and the 21-day simple moving average. The bulls are now targeting $10 which is a previous and psychologically significant resistance zone. Notably, LINK is trading above the 23.6% Fib retracement level of the downward move from the $18.00 high to $5.30 low, indicating bullish price momentum.
The price is up over 6% today which is a positive sign, however, if LINK is unable to breakout above $10, it may retrace and fall back towards the $8 support zone.
ADA, BNB, and DOT price
Cardano (ADA) is stuck near the $0.530 level. To start a fresh rally, the price must clear the $0.55 resistance zone.
Binance Coin (BNB) is stable near the $320 level. If there is a bearish reaction, the price might test the $305 support.
Polkadot (DOT) is consolidating near the $9.30 level. The next immediate resistance is near $9.45, above which it could test $9.80.