- Bitcoin is holding above $10,800 while approaching $11,000 at a snail's pace.
- Ethereum opens the way for gains to $370 after overcoming the hurdle at $370.
- Ripple is on the verge of a breakout to $0.25 despite consolidation, as observed by on-chain metrics.
The sluggish trading across the market seems far from over. The majority of cryptocurrencies are facing uncertainty, especially with consolidation taking precedence. However, some selected digital assets are decoupling from Bitcoin and other major cryptocurrencies. They include Monero (XMR), up 12.5% in the last 24 hours, Zcash (Zec), up 11.5%, Algorand (ALGO), up 10%, and DigiByte (DGB), up 12%. The indecisiveness across the market is reflected by the minor change in the total market capitalization from $345 billion on September 30 to $346 billion on October 1.
Bitcoin still focused on breaking above $11,000
Bitcoin is trading at $10,840 after first, bouncing off support explored on Wednesday at $10,700 and breaking above a short term descending triangle. An attempt to continue the uptrend to $12,000 was abandoned under $10,900. In the meantime, bulls seem to be nurturing an uptrend to pull the price above the coveted $11,000 level. The Relative Strength Index in the hourly range has settled above the midline while pointing upwards, which is a signal for a growing bullish grip.
BTC/USD 1-hour chart
Note that a close above the 50 Simple Moving Average (SMA) would keep the bullish outlook intact. However, the critical support range between $10,600 and $10,700 is in line to absorb most of the selling pressure if Bitcoin starts to retreat from the current price level.
IntoTheBlock's IOMAP model reveals that the path of least resistance remains to the upside. The most significant resistance lies at $11,500 - $11,800. Here, 971,000 addresses previously bought 750,000 BTC. A break above $11,000 will hit pause in this zone before resuming the uptrend to $12,000.
Bitcoin IOMAP chart
On the flip side, the flagship cryptocurrency is resting on an area of immense support, highlighted by IntoTheBlock between $10,500 and $10,800. Previously, 1.87 million addresses bought 1.5 million BTC. The support looks strong enough to absorb the selling pressure if Bitcoin starts to retreat.
Ethereum kick starts the journey to $370
Ethereum finally made it above the stubborn seller congestion at $360. The smart contracts giant is trading at $362. Unfortunately, the rapid growth expected after conquering the hurdle never materialized. For now, sideways trading with a bias to the north is dominating the market. If $360 becomes formidable support, Ether could quickly push to highs above $370. Meanwhile, the Moving Average Convergence Divergence (MACD) is holding above the midline but horizontally, further emphasizing the consolidation.
ETH/USD 4-hour chart
According to IntoTheBlock's IOMAP model, Ethereum has a relatively smooth path to $400. However, we must take note of the seller congestion at $373 - $384. Here, approximately 1 million addresses bought 7.5 million Ether. On the downside, the smart contract token is holding above the levels with immense support. The most robust support stands between $340 and $350. Previously, 513,000 addresses bought 9.2 million ETH in this range. It is doubtful that Ethereum will drop below this zone in the near term.
Ethereum IOMAP
XRP holding onto the bullish outlook
XRP bulls have refused to abandon the delay in the rally to highs above $0.25. They are prepared to fight to the end despite the bearish camp appearing to win the tug of war. XRP is teetering at $0.2420 while dealing with the seller congestion at the 100 SMA in the 4-hour range. A break and above this zone is likely to kick start the leg up to $0.25.
On the downside, XRP is in place due to the buyer congestion at the 50 SMA. The RSI in the same range is leveling at 50, bringing to light the possibility of consolidation taking over. It is essential to wait for a confirmed breakout towards $0.25 before going all-in on XRP.
XRP/USD 1-hour chart
The exchange inflow metric by Santiment, a leading provider of on-chain data, shows that the inflow of XRP into exchanges surged on September 30. The influx is still at its peak on October 1, suggesting that XRP is on the verge of a breakout that could take down the resistance at $0.25. The chart illustrates that a spike usually follows high inflow into exchanges in the price.
XRP exchange inflow chart
The bellwether cryptocurrency is quite indecisive at the moment. On-chain metrics show that the path to $11,000 is relatively clear. On the downside, BTC's support is immense, hence the unlikelihood of the price dropping to $10,000.
On the other hand, Ethereum has corrected above the resistance at $360, shifting the bulls' focus to $370. On the flip side, Ether is holding above the areas of enormous support.
Lastly, the fourth-largest cryptocurrency is holding above the 50 SMA and $0.24. The high exchange inflow is likely to force an uptrend in the price, perhaps strong enough to push XRP above $0.25.
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase to list Arbitrum with experimental label, warns users to send ARB only over Ethereum network

In a March 22 announcement, Coinbase revealed intentions to support Arbitrum’s upcoming native token, ARB, by listing it for trading on the largest cryptocurrency exchange in the United States. The disclosure was bountiful, featuring several other details for Arbitrum users.
TRON price crashes 12% as SEC charged founder Justin Sun for violating securities laws

TRON price plummeted on March 22 after the cryptocurrency became the new target of the ongoing regulatory crackdown in the United States. The Security and Exchange Commission (SEC) is now looking into Tron founder Justin Sun’s company and related entities of the altcoin’s ecosystem.
ApeCoin price at crossroads, looks to retest February highs amid the alt season but there's a catch

ApeCoin price is at crossroads after trading within a symmetrical triangle on the one-day chart. The altcoin is in a neutral formation reliant on the impending breakout that will determine the direction of the next move. The pattern contains at least two lower highs and two higher lows.
Dogecoin Price Forecast: DOGE coils up for an upswing as alt season clocks in

Dogecoin price has heeded the invite to the alt season to trade with a bullish inclination and record more gains for investors. Despite overhead pressure due to multiple supplier congestion zones, DOGE bulls have put the right foot forward and now the meme coin is preparing for another northbound move.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder

US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.