Week Ahead: Bitcoin to $100K And Ethereum’s Underperformance in Focus

Bitcoin’s (BTC) incredible bull run following Donald Trump’s win continued last week, with its price finally establishing a new record high above $90,000 on Nov. 13. Its strong upside influenced the broader crypto market, which rose by around 19% in the same period. XRP (XRP) and Dogecoin (DOGE) became standout performers after returning 80% and 40% profits in the week.

At the same time, certain top coins disappointed traders with their lackluster performances. That includes Ethereum’s native asset, Ether (ETH), which dropped 0.75% last week despite the “Trump Trade” craze.

Bitcoin Week Ahead: A $100K BTC is Very Likely

Bitcoin lost some momentum after setting an all-time high of over $93,160 last week and is now down 4.41% from the said peak. On the three-day chart, the cryptocurrency looks extremely overbought, with the relative strength index reading at over 75.

Should profit-taking accelerate, there’s a strong chance Bitcoin will see a correction below its current support level of around $88,000, coinciding with its 1.618 Fibonacci retracement level. Meanwhile, a decisive breakdown below the $88,000 level could trigger a broader downside move, with Bitcoin’s next target lurking around $73,240, a level aligning with its 1.0 Fib line.

However, the euphoria set forward by Trump’s election win could have Bitcoin hold a major portion of its November gains. In doing so, the cryptocurrency will likely wash out weaker hands—those looking to secure profits and de-risk from what appears to be an overheated market—only to replace them with more astounding, long-term traders.

In other words, Bitcoin’s rally may continue despite its overbought status. Its prevailing bull flag pattern is already indicating a rise toward $100,000. Metal analyst Jesse Columbo weighs:

“At the rate it’s going, Bitcoin could hit $100,000 in just a few days from now. Considering this strong momentum, I wouldn’t be surprised to see it blow through $100k and then do something crazy from there. There’s no telling how high it can go at that point.”

Ethereum Week Ahead: A 6-7% Rise is Best-Case Scenario

Ether’s 3-day chart reveals a distinct downtrend pattern defined by a descending channel (black trendlines).

The cryptocurrency now hovers just above its 50% Fibonacci retracement level (~$3,070). Its upside momentum appears capped at around $3,280—corresponding with the 61.8% Fibonacci retracement level—which is also the week’s bullish target.

Conversely, a decisive breakdown below the $3,070 support level could trigger a sharp ETH decline toward the lower trendline of its prevailing descending channel pattern. That coincides with the $2,170-2,400 support area of the July-November 2024 session.

Fundamentally, Ether is lagging primarily due to the rising network usage of its top smart contracts blockchain rival, Solana.

Solana’s fundamentals are at ATH.

It’s the dominant chain by most metrics right now, and has the largest share of DEX volume.

It’s currently ~29.5% of Ethereum’s market cap, and is continuing to be repriced. $SOL will be heading into price discovery soon. pic.twitter.com/hcb0vFVfoX

— Aylo (@alpha_pls) November 17, 2024

Nonetheless, the SOL/ETH pair shows overbought conditions, raising the possibility that capital will start returning to Ethereum this week.

That should limit Ether’s downside to a certain degree, making its rise to the $3,280 level the best possible outcome—a mere 6-7% rise.