ETH, UNI, FIL and GRT turn bullish as Bitcoin price hovers above $51K

Bitcoin price begins a slow recovery, boosting the bullish momentum in ETH, UNI, FIL and GRT.

After running hard for two weeks, Bitcoin (BTC) is taking a breather near the $52,000 level. The bears are trying to start a correction, but the bulls are in no mood to relent. Strong equity markets, upcoming halving, and solid inflows into the spot Bitcoin exchange-traded funds are likely to limit any downside.

Analysts will closely monitor the inflows into the spot Bitcoin ETFs to determine the next directional move in Bitcoin. BitMEX Research data showed that Grayscale Bitcoin Trust outflows were just $44 million on Feb. 24, the lowest since Jan. 11.

The crypto sentiment remains upbeat as Bitcoin continues to sustain above $50,000. While Bitcoin consolidates, short-term traders may look for trading opportunities in altcoins that are demonstrating strength.

Could Bitcoin resume its uptrend after a brief hiatus? Will altcoins follow Bitcoin higher? Let’s look at the top 5 cryptocurrencies that look strong on the charts.

Bitcoin price analysis

Bitcoin has been finding support near $50,500 and resistance close to $53,000, indicating a consolidation inside a tight range. This is a positive sign, showing that the bulls are not hurrying to the exit.

The rising moving averages and the relative strength index (RSI) near the overbought zone suggest that the bulls have the upper hand. A break and close above $53,000 could open the doors for a rally to $60,000.

Time is running out for the bears. If they want to prevent the rally, they will have to quickly drag the price below the breakout level of $48,970. If they do that, the BTC/USDT pair could plunge to the 50-day simple moving average ($45,542).

The moving averages on the 4-hour chart are flattish, and the RSI is just above the midpoint, indicating a minor advantage to the bulls. If the price maintains above the 50-SMA, the pair could rise to $53,000. This level is likely to act as a stiff resistance, but if crossed, the pair may rally to $55,000 and thereafter to $60,000.

Conversely, if the price turns down from $53,000, the pair may remain range-bound for some more time. A slide below $50,500 could sink the pair to $48,970. This remains the critical short-term support to watch out for because a break below it will tilt the advantage in favor of the bears.

Ether price analysis

Ether (ETH) has been in a strong uptrend for the past several days. The bears tried to halt the up move near $3,000, but the shallow correction suggests that the bulls are unwilling to relent.

The upsloping 20-day exponential moving average ($2,784) and the RSI in the overbought zone indicate that the bulls are in command. A close above $3,000 could start the next leg of the uptrend. The ETH/USDT pair may first rise to $3,300 and subsequently to $3,650.

The first support on the downside is $2,850, and then the 20-day EMA. A fall below the 20-day EMA will suggest that the bulls may be booking profits in a hurry. The pair may tumble to $2,717 and eventually to the 50-day SMA ($2,527).

The pair is facing resistance near $3,000, but a positive sign is that the bulls did not allow the price to dip below the 50-SMA. The 20-EMA has started to turn up, and the RSI is in the positive territory, indicating the path of least resistance is to the upside. If the price maintains above $3,000, the pair could resume its uptrend.

The first sign of weakness will be a break and close below the 50-SMA. If buyers fail to defend this level, the pair may plunge to $2,850 and then to $2,717.

Uniswap price analysis

Uniswap (UNI) skyrocketed above the overhead resistance of $7.79 on Feb. 23, indicating that the bulls have seized control.

The long wick on the Feb. 24 candlestick shows aggressive profit booking near $12.85. That started a correction, which is likely to find support at the 50% Fibonacci retracement level of $9.91. If the price turns up from the current level, the bulls will try to propel the UNI/USDT pair to $11.63 and later to $12.85. A break above $12.85 could clear the path for a rally to $17.

Contrarily, if the price slips below $9.91, the next stop is likely to be the 61.8% Fibonacci retracement level of $9.21. Generally, a break below the 61.8% retracement level suggests the uptrend may be over.

The bulls are trying to keep the pair above the 20-EMA on the 4-hour chart. If the price turns up from the current level, it is again likely to face stiff resistance at $11.63. If buyers do not give up much ground from $11.63, it will increase the possibility of a rally to $12.85.

On the contrary, if the price continues lower and breaks below the 20-EMA, it will suggest that the bears are trying to make a comeback. The pair could then dip to $9.21 and later to the 50-SMA. The deeper the fall, the greater the time needed for the start of the next leg of the uptrend.

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Filecoin price analysis

The bulls have failed to push and sustain Filecoin (FIL) above the $8.12 resistance in the past few days but they have kept up the pressure.

The bulls are again trying to clear the overhead zone between $8.12 and $8.57 on Feb. 25. If they succeed, it will signal the resumption of the uptrend. The FIL/USDT pair could reach the $10 resistance, where the bears are expected to mount a formidable defense.

Contrary to this assumption, if the price turns down and breaks below $7.70, it will indicate that the bears are fiercely defending the overhead zone. That may start a decline to the 20-day EMA ($6.74), which is likely to act as a strong support.

The pair rebounded off the 20-EMA, indicating that the sentiment remains positive and traders are viewing the dips as a buying opportunity. If buyers maintain the price above the overhead hurdle at $8.57, the pair could accelerate toward $9.

While the rising moving averages favor the bulls, the RSI is showing signs of forming a negative divergence. This indicates that the bullish momentum could be weakening. The sellers will have to sink and maintain the price below the 20-EMA to signal the start of a correction to the 50-SMA.

The Graph price analysis

The Graph (GRT) broke above the $0.23 overhead resistance on Feb. 18, indicating the resumption of the uptrend.

The bears are trying to stall the up move near $0.30, but a positive sign is that the bulls have not allowed the price to slip back below the breakout level of $0.23. This suggests that dips are being purchased.

If the price sustains above $0.30, the GRT/USDT pair could surge to $0.37. The risk to the upside move is from the overbought level on the RSI, which points to a possible correction or consolidation in the near term. The trend will favor the bears if the price skids below the 20-day EMA ($0.22).

The 4-hour chart shows that the pair is taking support at the 20-EMA on dips. While this is a positive sign, the RSI has formed a negative divergence, suggesting that the positive momentum is weakening. If the price continues lower and breaks below the 20-EMA, the selling could pick up, and the pair may plummet to $0.23.

On the contrary, if the price turns up from the current level or the 20-EMA, it will signal that the uptrend remains intact. The bulls will then try to overcome the barrier at $0.30 and start the next leg of the uptrend.