Bitcoin, Ethereum and Chainlink price analysis

Bitcoin, Ethereum and Chainlink price analysis

By Benson Toti - min read
Updated 31 May 2022

BTC and ETH both reached new all-time highs this week, with Chainlink’s LINK looking to build on recent gains and could see a period of consolidation above $30.

The price of Bitcoin and Ethereum have declined by 3.9% and 4.2% respectively as of writing, according to data from market site CoinGecko. Chainlink (LINK), which is up 2.5% at the time of writing, is among a handful of altcoins in the top 20 by market cap to remain in the green after Thursday’s sharp drops for BTC and ETH.

BTC, ETH, LINK price analysis

The correction for BTC has seen it drop from its ATH of $67,277 and ETH from $4,361, both landmark price levels reached on 21 October 2021.

Bitcoin is trading around $63,450, while Ethereum bulls are battling downside pressure with the target being to stay above $4,000. 

Looking at the BTC daily chart, we see the crypto has bounced off support at $62,197. The RSI is resetting towards the overbought territory to suggest bulls are still in control. A strong bounce from here could take Bitcoin towards $70k and potentially $90k before the end of historically bullish Q4.

BTC/USD daily chart. Source: TradingView 

For Ethereum, the key is for bulls to hold the immediate support level suggested above. The bullish outlook for ETH/USD suggests another attempt at a new ATH if bulls retake control above the $4,160 supply zone. 

In this case, the $4,400 area is a legitimate target, with runs to $5k or higher likely within the coming days.

The candle, however, shows a bearish presence here and any dips could provide Ethereum buying opportunities around the demand zone at $3,875 and 20 EMA line around $3,728. 

Check out our Ethereum forecast page for more price insight.

ETH/USD daily chart. Source: TradingView

LINK/USD is changing hands around $29.56. According to crypto analysts Michael van de Poppe, DeFi and Oracle tokens are likely to outperform when the market picks up the next upside momentum. 

The analyst says the sector has lagged the top coins, with capital rotation likely to flip sentiment in the two sub-sectors. 

LINK/USD daily chart. Source: TradingView

LINK price has bounced off a major support line around $24.70 and is currently above both the 20 EMA and 50 SMA lines. The daily RSI is also indicating bullish momentum, while increased buy-side volume suggest demand amid positive news from the Associated Press that is set to integrate Chainlink oracles.

On the upside, LINK could break above $30.00 and see gains towards $35.00 (green line). On the flip side, key support lies around $26.00 and $24.00, learn how to buy Chainlink here.