Bitcoin’s rise to $81,000 could trigger a rally in ETH, SOL, SUI and AAVE

Bitcoin has seen a rally over the past week, rising to over $81,000 on November 10th. Some analysts say the rally has just begun and still has a long way to go. Bitcoin analyst Tuur Demeester said in a post on

New traders may be wondering if Bitcoin’s rally has caused it to be overvalued, but Hunter Horsley, CEO of Bitwise Invest, said in a post on X that “Bitcoin (BTC) is different.”

“When the price of Bitcoin rises, people see it as more likely to be successful and therefore even more valuable. And so it’s probably going to continue to rise,” Horsley said.

The rally is not limited to Bitcoin. Several altcoins have started breaking above their respective upper resistance levels, indicating improving sentiment.

Still, commentator WhalePanda warned that low liquidity moves over the weekend are almost always completely “bearish.”

Bitcoin price analysis

Bitcoin bulls did not give in to the bears, which may have led to another round of short covering on November 10th. This pushed the price to over $80,000.

The target for breaking out of the $54,000-$73,777 range is $93,554. This level could act as resistance, but buyers will look to extend the uptrend to the psychologically crucial $100,000 level.

The bears are running out of time. If they want to stage a comeback, they will need to push the price below the 20-day exponential moving average ($71,753). This could trigger a long liquidation and pull the BTC/USDT pair towards the 50-day simple moving average ($66,864).

The four-hour chart shows that bulls have bought the decline to the 20-EMA, which remains the key short-term level to watch out for. If bulls do not allow the price to fall below the 20-EMA, the pair could rally towards $93,554.

On the other hand, if the price declines and breaks below the 20-EMA, it suggests that the bullish momentum is fading. The pair could fall to $75,500 and then to the breakout level of $73,777.

Ether price analysis

Ether (ETH) rose sharply after bouncing off the support line of the symmetrical triangle pattern on November 6th.

The break above $2,850 opened the doors for a recovery to the downtrend line. Sellers are expected to defend the downtrend line with all their might, as a break above it could push the price to $4,094.

The key support to watch on the downside is $2,850. If the price bounces sharply from the $2,850 level, it will signal that sentiment remains positive and traders are buying on dips. Nevertheless, a decline below $2,850 will shift the advantage in favor of the bears.

The strong rally has pushed the RSI into heavily overbought territory on the four-hour chart, raising the possibility of a short-term pullback. The 20-EMA is the first support to look for. If the price bounces sharply from the 20-EMA, bulls will attempt to push the ETH/USDT pair towards $3,500.

If the price falls below the 20-EMA, it will indicate that traders are rushing to exit. This could push the price towards the breakout level of $2,850.

Solana token price analysis

Solana (SOL) broke out above overhead resistance at $210 on November 10, suggesting that bulls are attempting to assert their dominance.

If the price closes above $210, it will indicate the start of the next leg of the uptrend. The SOL/USDT pair could rise to $260, where sellers are expected to mount a strong defense.

If the price still fails to close above $210, it would be a signal that the markets have rejected the breakout. The pair could fall to $189, which is an important short-term support to keep an eye on. A break below $189 could send the pair lower to the 20-day EMA ($178).

The pair bounced off the 20-EMA, suggesting bulls are buying on minor dips. The bulls pushed the price above the $210 resistance, paving the way for a possible rally to $230 and eventually to $260.

This positive view will be invalidated in the short term if the price declines and breaks below the 20-EMA. The pair could then slide to the 50-SMA and delay the start of the next phase of the uptrend.

Related: Bitcoin price hits $80,000 for the first time – new “inflation-adjusted” all-time high

Sui price analysis

Buying in Sui (SUI) accelerated after the price broke through the stiff overhead resistance at $2.37 on November 9th.

The bulls have pushed the price above $3.00, but the long wick on the candle shows selling at higher levels. If the price falls below $2.70, the bears will attempt to initiate a pullback towards the breakout level at $2.37.

Contrary to this assumption, if the price stays near $3.00, it would indicate that bulls are holding on to their positions as they expect further increases. If the SUI/USDT pair rises above $3.15, the next stop could be at $4.00.

The four-hour chart shows that the pair is about to sell above $3.00. The first support on the downside is at $2.70. If the price bounces sharply from the $2.70 level, it will signal that bulls are not waiting for a deep correction to buy. That could push the pair to $3.15 and later to $3.60.

Alternatively, if the price falls below $2.70, it will suggest profit booking by short-term traders. The pair could then fall to the 20-EMA.

Aave token price analysis

Aave (AAVE) gained momentum after breaking out of the moving averages on November 6th and reached the psychological resistance of $200 on November 9th.

The bears will try to stall the uptrend at $200, but if the bulls do not cede much ground to the sellers, the likelihood of an upside breakout increases. If buyers break the $200 resistance, the AAVE/USDT pair could rise to $260.

The immediate downside support lies at $180. A break below this level could accelerate selling and push the price towards the 20-day EMA ($160). A sharp decline is likely to delay the start of the next phase of the upward move.

The pair faces a sell-off near $200, which could push the price towards the 20-EMA. If the price bounces sharply from the 20-EMA, the bulls will make another attempt to push the pair above $200. If they do, the pair will likely rise to $220.

If the price instead falls below the 20-EMA, it will signal that short-term traders are booking profits. This could push the pair to $175 and then to solid support at $165.