• Bitcoin stays above $8,000 despite Friday's heavy sell-off.
  • Ethereum edges lower toward $180 after getting rejected near $200 earlier this week.
  • Ripple remains on track to close the second straight week higher.

Major cryptocurrencies edged lower on Thursday and Friday and now seem to be staying in a consolidation phase amid a lack of significant drivers. Earlier in the week, the US Securities and Exchange Commission (SEC) announced its decision to reject the latest application for a Bitcoin ETF by Bitwise and weighed on the cryptocurrency market's sentiment

Top-3 coins price overview

Bitcoin (BTC/USD) rose to its highest level since the sharp drop witnessed on September 24th at $8,820 but failed to preserve its momentum and erased more than $500 from its highs before closing the day at $8,265. As of writing, the BTC/USD pair was trading at $8,310, adding 0.5% on a daily basis. Friday's action also showed that for the third straight day, the pair tested the 200-day moving average, which is now located at $8,675, and failed to closed the day above that level.

With a decisive break above that level, the pair could target $8,970 (Fibonacci %78.6 retracement of June rally) ahead of $10,000 (psychological level/Fibonacci %61.8 retracement of June rally). On the downside, the immediate support is located at $8,300 (20-day MA), ahead of $7,700/$7,800 area (September 26th, September 30th, October 6th, October 7th low).

Ethereum (ETH/USD) rose to its highest level in more than three weeks at $197 on Friday but lost its traction before testing the critical $200 mark. Although there were no catalysts behind that fall, the BTC selloff weighed on the ETH. As of writing, the pair is up 1% on the day at $183. $185 (50-day MA) aligns as the initial resistance for the pair ahead of $200 (psychological level/October 11th high). On the flipside, $178 (20-day MA) could be seen as the first support before $170 (October 6th, October 7th low) and $152 (September 26th low).

Similar to the BTC's and the ETH's price action, Ripple (XRP/USD) turned south in the second half of the week and posted modest losses on Thursday and Friday before staging a technical correction on Saturday. As of writing, the XRP/USD pair was up 1.7% on the day at $0.2726. Looking at the daily chart, the Relative Strength Index indicator is edging higher above the 50 mark despite the recent drop, suggesting that buyers remain control of the price action. $0.29 (October 9th high) could act as the first resistance on the upside for the pair ahead of $0.3 (psychological level) and $0.3270 (September 18th low). On the downside, $0.25/$0.26 (20-day MA/50-day MA) could be the first technical support ahead of $0.2125 (Sep. 24 low) and $0.20 (psychological level).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Cash price analysis: BCH/USD inching closer to flag pattern breakout

Bitcoin Cash is intentional with this current bullish momentum. The price has been able to sustain above the short-term ascending channel despite testing it twice. The brief deep under $220 support saw Bitcoin Cash make a comeback above $225. 

More Bitcoin Cash News

Ethereum market update: ETH/USD locked in a range after the recent sell-off

ETH has been moving in a tight range after a strong sell-off from the recent high of $197.00. The second-largest con with the current market value of $19.8 billion has recovered from October 12 low of $177.22 to trade at $183.50 at the time of writing, however, the upside momentum is weak. 

More Ethereum News

TRON price analysis: TRX/USD may retest the recent high

At the time of writing, TRX/USD is changing hands at $0.0166. The coin has gained over 4.5% in seven 24 days, and the upside momentum is still strong. Currently, TRON takes 11th place in the global cryptocurrency market rating with a market value of $1.1 billion and an average daily trading value of $638 million.

More Tron News

EOS mainnet used in tokenizing Deutsche Bank bond

The Deutsche Bank dBonds team has successfully tokenized the bank’s bond on EOS mainnet. The tokenization took place in collaboration with Queen Street Finance, an authorized UK-based custodian. Queen Street Finance already has a stablecoin digital asset DUSD that runs on EOS protocol.

More EOS News


Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast