Ethereum (ETH) and Sui (SUI) Poised for Major Gains if Bitcoin (BTC) Breaks Out

One huge layer 1 blockchain leader in $ETH and one pretender to its throne - $SUI, are primed to be among the frontrunners if Bitcoin (BTC) finally does break out to new all-time highs. Both $ETH and $SUI are analysed.

$ETH breaks out of falling wedge

Source: TradingView

The short-term time frame for $ETH displays the big surge out from the 5-month long descending trendline. Once the local high was made at $2,700, the price action started to form a descending wedge, which is a bullish pattern. Having just broken out of this wedge, the price is currently consolidating, and may just head down to confirm the top of the wedge again, and the very strong support at $2,500, before heading higher.

$ETH ready to break upwards from critical $2,500 horizontal support

Source: TradingView

The weekly time frame gives more of a clear-cut view of the situation for $ETH. The $2,500 could be about to become that extremely strong support level that $ETH bulls can use as a base for the next surge higher. The last swing high at $4,100 is the target. Failure to get above this would mean a failed rally, therefore making $2,500 into critical support is an absolute must.

$SUI about to break out of second successive bull flag

Source: TradingView

Since breaking beyond its own major descending trendline, the $SUI price is now in its second bull flag. A breakout of this current bull flag would likely provide the impetus to also break through the $4.10 horizontal resistance level.

$SUI $4.10 resistance key to all-time high

Source: TradingView

Moving out into the daily time frame, the significance of the $4.10 resistance can be really appreciated. A break through this level, and consolidation above, would leave the path open for the bulls to make an assault on the $5.36 all-time high. The current bull flag could help the bulls to get halfway there with a measured move to around $4.67.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.