Ethereum eyes $4k+ amid strong bullish momentum and low exchange supply
The crypto market continues to gain traction, adding 0.76% to reach a $3.89 trillion market cap. Despite a 29.61% drop in 24-hour volume, overall sentiment leans bullish with the Fear & Greed Index at a greed-driven score of 64. The Altcoin Season Index sits at 42/100, showing a tilt toward Bitcoin dominance.
The gain in market has been supported by institutional inflows, ongoing FTX creditor repayments, and bullish DeFi developments. Investors are eyeing two major events next week that could reshape sentiment: the FOMC meeting (July 29-30), expected to address rate policies and macroeconomics, and the SEC decision on the Bitwise BITW ETF on July 31.
Join me as I dive into the charts for Bitcoin, Ethereum, and XRP price prediction for next week.
Bitcoin is trading sideways just above its 20-day SMA at $117,176, reflecting a period of consolidation. The Bollinger Bands are narrowing, suggesting a potential breakout soon. RSI sits at 60.62, showing neither extreme overbought nor oversold conditions.
On the upside, BTC faces a tough resistance at $123,680, a level it failed to breach earlier this month. If bulls can push above this, the next leg could test $127,000. Conversely, a break below the support at $111,964 could expose BTC to $108,000.
Next Week Target Range: $115,000 – $123,680
Ethereum remains one of the strongest performers. It continues to trade in an uptrend channel with solid support at $3,550. The RSI is elevated at 79.69, hinting at slight overbought conditions but still backed by strong momentum. Price is hovering just below the $4,096 resistance zone.
If ETH breaks above $4,100, we could see a run to $4,250. However, if rejection occurs again, a pullback to $3,600-$3,550 seems likely.
Next Week Target Range: $3,600 – $4,250
XRP recently saw a bounce from the $2.8497 support zone after a correction from its $3.49 resistance. The RSI is cooling down from an overbought 76.12 to 62.02, suggesting room for a fresh move upward. Bollinger Bands show XRP attempting to consolidate above the 20-SMA at $3.0589.
If bulls manage to reclaim $3.49, XRP could retest $3.60 next week. However, failure to maintain above $3.05 may drive it back toward $2.85.
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