• Bitcoin price is up almost 5% in October, with momentum indicators pointing to possible test of the $30,000 psychological level.
  • Ethereum price pulls back with bulls likely regrouping to breach the $1,733 hurdle.
  • Ripple price has one key barrier to overcome, the mean threshold at $0.5337, lest things fall apart

Bitcoin (BTC) and Ethereum (ETH) prices have commenced the month of October with a bang, recording almost 5% in price surges on the safe day. This has earned the month a moniker, Uptober, with onlookers recording that it has historically proven to be the month to trade. Meanwhile, Ripple (XRP) price continues to confront a critical barrier. 

Also Read: BTC price hits ‘Uptober’ up 5% – Five things to know in Bitcoin this week

Bitcoin starts October with a bang

Bitcoin (BTC) price is up almost 5% in the last day and almost 10% since September 27. It marks a good start for October, a month which some say has historically been good for trading. However, investors should exercise caution lest they are trapped in a possible disguised bull trap.

Meanwhile, the odds still favor the upside, with the Relative Strength Index (RSI) showing rising momentum as it confronts the 70 level. Its stance is corroborated by the Awesome Oscillator (AO), which continues to show green histograms with growing volumes. With this outlook, Bitcoin price could soon breach the $28,608 barricade even as the fair value gap (FVG) (yellow order block) continues to act as a magnet for BTC to fill the inefficiency.

In highly bullish cases, the gains could see Bitcoin price tag the $30,000 psychological level to clear the path for more gains, likely above the range high at $31,804.

BTC/USDT 1-day chart

On the other hand, a rejection from the $28,608 level could send Bitcoin price south, potentially losing the support offered by the 100-day Exponential Moving Average (EMA) at $27,342. Further south, the king of crypto could fold back below the support confluence between the 200- and 50-day EMAs at the foot of the October 1 candlestick at around $26,972. The bullish outlook will only be invalidated upon a decisive daily candlestick close below the $26,000 psychological level.

Also Read: Bitcoin Cash, Chainlink, Maker DAO, THORChain: Four altcoins whose rallies could continue in October

Ethereum price folds

Ethereum (ETH) price is correcting, recording an extended red candlestick bar that is cutting down on all the ground covered in the October 1 surge. It comes after a rejection from the 200-day EMA at $1,733 and a flip of the 100-day EMA from a support floor to a resistance level at $1,717.

That said, the break above the August highs marked the conquest of a key hurdle in the budding recovery and could be a sign of more bullish activity to come.  

ETH/USDT 1-day chart

The AO histogram bars remain high in the positive territory, showing bulls still lead the market. As such, there could still be some hope for the Proof-of-Stake (PoS) token and the current pullback may just mark a period where bulls are taking a breather. A solid move above the 200-day EMA at $1,733 would support this outlook.

 If sidelined investors enter the arena, Ethereum price could confirm the uptrend with a successful move above the 200-day EMA at $1,733. In a highly bullish case, the uptrend could breach the $1,861 resistance level, clearing the path for more gains.

Also Read: Ethereum futures ETFs that will be given SEC accelerated approval to launch on Monday, experts say

Ripple price ignores Uptober vibes

Ripple (XRP) price remains in a sulk, rejected from the mean threshold of the supply zone at $0.5337. This barricade presents as a formidable one, keeping XRP stunted since August 31.

After many failed attempts, momentum seems to be fading and Ripple price could fall, going as low as the $0.4884 support level or in the dire case, retest the $0.4622 range low. Such a move would constitute a 10% slump.

XRP/USDT 1-day chart

On the other hand, if late XRP bulls or sidelined investors come in, Ripple price could pull north. For confirmation, the price must breach the $0.5337 barrier. Further north, it could exit the order block above the $0.5536, flipping it into a bullish breaker.

In highly ambitious cases, the gains could see Ripple price escape above the $0.6098 ceiling, clearing the path for a continuation.

Also Read: XRP price recovery likely as Ripple executives call out SEC and Chair Gary Gensler for their stance on crypto

 

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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

PEPE hits new all-time high, meme coin could extend gains

PEPE hits new all-time high, meme coin could extend gains

PEPE hit a new all-time high at $0.00001725 on Monday, May 27. The frog-themed meme coin noted a surge in active addresses and social dominance amidst rising price. 

More PEPE News

Fantom price could rally 20% but needs to test major support level first

Fantom price could rally 20% but needs to test major support level first

Fantom (FTM) price has lost some steam after the sharp increase registered from May 15 to May 20 but looks poised for further gains, technical indicators and on-chain data show.

More Fantom News

FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics

FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics

Crypto intelligence tracker Lookonchain identified a large wallet investor who has accumulated FLOKI (FLOKI) and MAGA TRUMP (MAGA) tokens, in exchange for Ether, since April 8. 

More Cryptocurrencies News

XRP ETF could gain approval in 2025, Ripple holders await lawsuit ruling

XRP ETF could gain approval in 2025, Ripple holders await lawsuit ruling

Ripple (XRP) holders are awaiting a ruling in the Securities and Exchange Commission’s (SEC) lawsuit against the payment remittance firm. A court ruling was awaited in May 2024, however there is no update, as of Monday, May 27. 

More Ripple News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis

BTC

ETH

XRP