Bitcoin (BTC/USD), Ethereum (ETH/USD), Solana (SOL/USD) Prices, Charts, and Analysis
- Bitcoin[1] posts a new multi-month high.
- Ethereum[2] looking to break above $4k.
- Solana soars 20% on continued DeFi and NFT surge.
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[3]
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
Ethereum has enjoyed a strong week, posting five green candles in a
