By Frank Martin (MoneyAmped.com)
Although Bitcoin began the week positively, surging past the $107,500 resistance, fears of war escalation in the Middle East have limited the recovery rally, with the bears managing to pull the coin to $104,653 at press time.
The ongoing war between Iran and Israel has pushed the whales away from the market, as evidenced by the CryptoQuant report. On June 17th, CryptoQuant noted that the whale buying activity had declined significantly since last Friday, suggesting that investors were waiting for macroeconomic clarity before returning to the market.
Despite the market cool-off, IG Markets crypto researcher Tony Sycamore is optimistic that Bitcoin will set a new all-time high soon if the $99,000 support continues to hold. He predicts a move to $120k after the bulls cause the $111,681 support to collapse.
As Bitcoin sees a scarcity of buyers, Ethereum, on the other hand, is witnessing massive purchases. Glassnode reported on Monday that ETH holders owning at least 1,000 coins have accumulated over 800,000 Ether since last week. It is worth mentioning that sports betting protocol SharpLink bought over 170,000 ETH on June 12th, indicating growing institutional interest in the asset.
That said, will the rising interest in Ethereum trigger the long-awaited altcoin season? If so, what major resistance points should investors monitor? Let’s look at the charts to get answers.
Bitcoin Price Analysis
BTC has dipped below the 20-day Exponential Moving Average of $106,198, signaling the bears’ intent to drag the coin to lower levels, possibly to the 50-day Simple Moving Average of $103,902 and later to $100,094, where we expect the bulls to mount defense to prevent a sharp decline to the $95,200 support.
On the bullish side, if Bitcoin crosses and remains above $106,198, then we can assume that buyers are returning to the market. In this scenario, a rally above the $110,000 resistance could happen, with the bulls looking to cause a move to $115,000.
Ethereum Price Analysis
The bears’ failure to pull Ethereum to the 50-day Simple Moving Average of $2,412 late last week signals that the bulls deem lower levels as ideal buying opportunities. However, the buying pressure has not been sufficient to keep the second-largest coin by market cap above the 20-day Exponential Moving Average of $2,583. But if the bulls eventually overpower the bears at higher levels, then Ethereum could grow to $2,732 and then to $2,883. On the other hand, a sharp fall to the $2,321 support is a possible outcome if the bears manage to pull Ether below $2,412.
XRP Price Analysis
XRP’s price has been ranging between $2.64 and $2 for numerous weeks, signaling that market participants are buying and selling at key support and resistance levels. However, if the sellers cause a breakout from the trading range, then the Ripple-issued crypto token, which is currently the fourth-largest by market cap, could see its price dip to $1.86 and subsequently to $1.62. Conversely, if the bulls succeed in pushing and keeping XRP above the 50-day Simple Moving Average of $2.29, then the odds of a breakout at $2.65 could increase significantly, leading to a rally to $2.95.
Solana Price Analysis
Sellers have been taking profits near the 50-day Simple Moving Average of $160.43 in the past few days. Increased selling has caused Solana to plunge to $146.76 at press time. The buyers could arrest the decline at the $140.34 support. However, if they are uninterested in buying the dip, then SOL might fall to $131.
From a bullish point of view, an uptrend to $186 seems likely if the buyers defeat the sellers at $160.43.
Cardano Price Analysis
ADA bulls continue to guard the $0.598 support level, but they are unable to start a significant recovery rally. However, if the selling pressure fades away, we anticipate a move to the 20-day Exponential Moving Average of $0.669. On the other hand, Cardano could drop to $0.5 if $0.598 collapses.
