Bitcoin May Be Boring – But Ether LINK, UNI, ARB Can Raise Prices.

The approval of spot ether exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) on May 23 failed to extend ether's rally, which reached roughly 25 percent last week. A positive sign is that the regulatory approval has not started selling, which indicates that the ETH bulls are not rushing to the exit. This shows that the traders seem to be in a wait-and-see mode.

Meanwhile, Bitcoin (BTC) rallied to $72,000 this week, but the bulls could not maintain the high levels. The price has fallen and dropped below the psychological level of $70,000, indicating that the sideways price action is likely to continue.

This week's positive movement in Bitcoin and Ether has triggered buying in select altcoins that show promise in the near term. If markets respect support levels in Bitcoin and Ether, some altcoins may find buying support.

Do the techniques support further rally in Bitcoin and Ether? Will buyers return to choosing altcoins? Let's study the top-five cryptocurrencies that look promising on the charts.

Bitcoin price analysis

Bitcoin broke below its 20-day moving average ($66,814) on May 24, indicating that sentiment has turned positive, and traders are buying on dips.

The bulls will try to push the price towards the $73,777 resistance. This is an important step to pay attention to because the bears are expected to defend it vigorously. If the price declines significantly from $73,777 and below the moving average, it indicates that the range-bound action may continue for some time.

On the other hand, if bulls don't give much room above $73,777, it improves the prospect of a breakout. The BTC/USDT pair may test a rally towards $80,000 and then towards $84,000.

Buyers have pushed the price above the lower line but are struggling to sustain higher levels. This shows that the bears are not disappointed and will sell in rallies. If the price slips below the lower line, it may start to decline to $66,000 and then to $64,600.

If the bulls want to maintain the advantage, they need to start breaking out of the moving averages and drive the price above $70,000. If they do, the pair could rise to $72,000 and later to $73,777.

Ether price analysis

Ether (ETH) peaked above $3,730 on May 21, and the bulls have kept the price above the breakout level ever since. This shows that the bulls are trying to turn the $3,730 level into support.

The 20-day EMA ($3,452) has started to turn, and the RSI is in overbought territory, indicating that there is an upward path with minimal resistance. Buyers will try to push the price towards the $3,950 to $4,100 zone. Sellers are expected to defend this zone with all their might because if the bulls lose, the ETH/USDT pair may rise to $4,868.

Alternatively, if the bears sink the price below $3,730, it will signal the start of a correction. The pair may drop down to the 20-day EMA, which can act as a strong support level. If the price bounces back from the 20-day EMA, the bulls will make one more attempt to push higher.

The 4-hour chart shows that the moving averages are moving up, and the RSI is near the overbought zone, indicating that the bulls have an edge. Buyers will try to further strengthen their position by pressing the price above $3,950. If successful, the pair could go up to $4,100.

The bears may have other plans. They try to pull the price below the 20-EMA. If you do this, short-term bulls may attract profit booking. The pair may drop towards $3,730 and then towards the 50-SMA. A break below this level tilts the advantage to the sellers.

Chainlink price analysis

Chainlink (LINK) has been trading at the critical profit resistance level of $17.32 for the past three days, indicating a struggle between bulls and bears.

An upside 20-day EMA ($15.96) and an RSI above 62 suggest the bulls are in command. There is some resistance at $18.68, but if the bulls clear this barrier, the LINK/USDT pair could move to $20.74 and then to $22.

Contrary to this assumption, if the price declines and stays below $17.32, it will indicate that the markets have rejected the formation. The pair may move down to the 20-day EMA and then to the 50-day SMA ($14.95).

The bulls are struggling to maintain the price above $17.32, which indicates that the bears are moving higher. The price has reached the moving averages on the 4-hour chart, which is an important level to monitor. If the price rebounds strongly from the moving averages, the bulls will again try to advance the pair towards $18.68.

Conversely, a break below the moving averages indicates that the bulls are losing their grip. The pair may fall towards the crucial $15.44 support.

Related: Ethereum Gains 5% in 24 Hours: Will the Post-ETF Approval Pump Start?

Uniswap price analysis

On May 20, Uniswap (UNI) rebounded sharply after buyers pushed the price above its moving average.

The UNI/USDT pair rejected profit resistance from $11.81 on May 26, but if buyers don't give the bears more ground, the possibility of a break above $11.81 will increase. If that happens, the pair could rise to $13.34 and then $15.

Conversely, if the price declines and breaks below $10, it suggests that the bulls are taking profits in the interim. That could sink the pair to the 20-day EMA ($9.05) and delay the start of the next up move.

The pair declined from $11.81, which indicates that the bears will defend the level aggressively. The first support to be seen on the downside is the 20-EMA. A strong recovery from this level will keep the sentiment positive and traders will see the dips as a buying opportunity. That adds up to more than $11.81 in breakeven potential.

Conversely, if the price declines and breaks below the 20-EMA, it indicates that the bulls are losing their grip. The pair may fall towards the 50-SMA.

Decision value analysis

Arbitrum (ARB) has been trying to break above the resistance above $1.27 for the past few days, but the bears have maintained their position.

However, a slight positive for the bulls is that it did not allow the price to drop below the 20-day EMA ($1.11). This increases the chance of a break above the resistance. If that happens, the ARB/USDT pair will pick up momentum and move towards $1.60 and eventually $1.75.

This optimism will be invalidated in the near term if the price declines significantly and sinks below $1.10. That could push the price to a strong support near $0.90.

The 4-hour chart shows that the pair has rebounded sharply from the 20-EMA and reached resistance at $1.27. The bears are expected to defend this level, but if the bulls win, the pair could accelerate to $1.40.

If the bears want to prevent the upside, they need to defend the $1.27 level and sink the pair below the 20-EMA. If they do that, the pair could fall to the strong support at $1.10 where the buyers can enter.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.