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Bitcoin (BTC) Nears $51k, Ethereum (ETH) Probes $4k While Solana (SOL) Soars Again

Bitcoin (BTC) Nears $51k, Ethereum (ETH) Probes $4k While Solana (SOL) Soars Again

Nick Cawley, Senior Strategist


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Bitcoin (BTC/USD), Ethereum (ETH/USD), Solana (SOL/USD) Prices, Charts, and Analysis

  • Bitcoin posts a new multi-month high.
  • Ethereum looking to break above $4k.
  • Solana soars 20% on continued DeFi and NFT surge.
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A strong ending to the week will see the cryptocurrency market enter the weekend with strong tailwinds and the potential for further gains in the short term. Bitcoin has just printed a multi-month high of just under $51k, Ethereum is bracing for a fresh attempt at $4k, while Solana continues to benefit from the ongoing turnover in the DeFi and NFT space. Weekend trading can be volatile with lower volumes normally seen and this weekend is no exception with will an added layer of volatility due to the US Labor Day holiday on Monday. No market can be accurately, or intelligently, called a one-way bet and this is the case for the cryptocurrency market, despite all the positive price action and sentiment around. That being said, this has been a buy the dip market and not a sell the rally market with most coins posting higher lows over the short-to-medium term. We have been constructive for the market as a whole over the last few months and see nothing to change that view as yet.

Bitcoin (BTC/USD) Punching Through $50k, Ethereum (ETH/USD) Hits Another Multi-Month High

A confirmed break of the August 23 high around $50,500 leaves the 61.8% Fibonacci retracement at $51,100 an easy upside target and would Bitcoin back in its multi-month bullish channel. If this important Fib level is cleared convincingly then the next target on the daily charts is a double top, made in early May, at $59,540.

Bitcoin (BTC/USD) Daily Price Chart September 3, 2021

Bitcoin Chart

Ethereum has enjoyed a strong week, posting five green candles in a row off Monday’s low at $3,140. The break above prior multi-month resistance at $3,378 has accelerated the move higher with $4,000 well within sight before the ATH at $4,379 heaves into view. Ethereum’s outperformance vs. Bitcoin this week is seen in the Ethereum/Bitcoin spread which is currently trading around 778 compared to Monday’s low of 658. If Ethereum breaks and holds above $4k then the all-time high is likely to come under pressure sooner rather than later.

Ethereum (ETH/USD) Daily Price Chart September 3, 2021

Ethereum Chart

After a quick sell-off on Tuesday, Solana is running higher again and posting new record highs. The increased activity in the DeFi and NFT space continues to fuel the move, while its attraction as an alternative to Ethereum is also seen as a strong positive. The recent, highly successful sale of Degenerate Apes NFTs has boosted Solana turnover and will likely underpin price action in the case of a sell-off. The value of Degenerate Ape NFTs has soared over the last two weeks, fuelling the rise in Solana which is on course to overtake Dogecoin (DOGE) as the seventh-largest cryptocurrency by market cap.

Solana (SOL/USD) Daily Price Chart September 3, 2021

Solana Chart

Chart via Trading View

The alt-coin market cap continues to swell and remains in the bullish channel seen since mid-July. The mid-may high is likely to come under pressure if the trend continues.

Cryptocurrency Market Minus Bitcoin September 3, 2021

Chart via Trading View

What is your view on Bitcoin, Ethereum, and the Alt-Coin market – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.