Ethereum and BNB near all-time highs as Bitcoin hits record peak

Ethereum (ETH) and BNB (BNB), formerly known as Binance Coin, are edging closer to their all-time highs, supported by strong corporate demand and a robust technical outlook. As the largest cryptocurrency by market capitalization, BTC broke above its record territory on Wednesday, and both altcoins are riding the wave of bullish sentiment. Technical analysis suggests potential upside targets near $5,000 for ETH and $900 for BNB.

Corporate and institutional demand fuels ETH and BNB momentum 

Ethereum price has surged more than 12% so far this week, nearing its all-time high of $4,868 set on November 10, 2021, and gained nearly 22% in the previous week. The rising corporate and institutional demand fueled this bullish rally in ETH. 

ETH treasury firms led by BitMine Immersion (BMNR) and SharpLink Gaming (SBET) have accumulated 2.3 million ETH over the past ten weeks. Additionally, the SoSoValue chart below shows that spot ETH Exchange Traded Funds (ETFs) have recorded a daily inflow of $729.14 million on Wednesday and a total of $2.27 billion so far this week, the highest weekly flow since their launch.

Total Ethereum spot ETF net inflow weekly chart

Standard Chartered’s Head of Digital Assets Research, Geoffrey Kendrick, also predicted that ETH targets for 2026, 2027, and 2028 from $5,000 to $12,000, $6,000 to $18,000, and $7,500 to $25,000, respectively.

Like Ethereum, the corporate demand for BNB also remained robust, with the BNB price nearing its ATH of $861.10 set on July 28. Nasdaq-listed CEA Industries announced on Sunday that the firm had purchased 200,000 BNB tokens worth $160 million. The firm has become the largest corporate holder of BNB globally, after securing a $500 million private placement led by 10X Capital in partnership with YZi Labs, establishing the first BNB Treasury Company in the US.

Ethereum bulls target the $5,000 mark

Ethereum price rallied and broke above $4,000 on Saturday and continued its surge, closing above the December 9, 2021, high of $4,488 on Tuesday. ETH rally continues, closing above $4,749 the next day. At the time of writing on Thursday, it hovers around $4,745, nearly its record high of $4,868.

If ETH bulls continue upward momentum, it could extend the rally to retest its all-time high of $4,868 set on November 10, 2021. A successful close above this level could extend the rally toward its key psychological level of $5,000.

The RSI on the daily chart reads 79 above its overbought territory and points upward, indicating strong bullish momentum. The Moving Average Convergence Divergence (MACD) showed a bullish crossover on Saturday, and with rising green histogram bars, further supports the bullish thesis.

ETH/USDT daily chart 

If ETH faces a correction, it could extend the decline to find support around $4,488.

BNB’s technicals suggest a rally toward $900

BNB price found support around its weekly level of $742 on August 5 and rose 12.5% in the next eight days until Wednesday. At the time of writing on Thursday, it continues to trade above $852, nearing its record high.

If BNB continues its upward trend, it could extend the rally toward its all-time high of $861.10 on July 28. If a successful close above this level occurs, BNB would enter price discovery mode with bulls targeting the psychological level of $900.

The Relative Strength Index (RSI) on the daily chart reads 71, above its overbought territory and points upward, indicating strong bullish momentum. Like ETH, BNB’s MACD indicator showed a bullish crossover on Tuesday, further supporting the bullish narrative.

BNB/USDT daily chart

If BNB faces a correction, it could extend the decline to find support around its daily level at $793.86.