• Bitcoin rejected from a key level and is losing support from indicators.
  • Ethereum price shows increased momentum during the decline. 
  • Ripple price may experience a bearish death cross in the coming hours.

The crypto market shows early evidence of the start of a new downswing. Key levels have been defined.

Bitcoin price headed for pain 

Bitcoin price currently trades at $19,414. The 21-day Simple Moving Average (SMA) has been lost as support, as the peer-to-peer digital currency fell in free-fall fashion on Tuesday, October 18. The move south was catalyzed by a previous triangle apex, which has persistently acted as support since the beginning of September.

If the bulls do not provide support at the 8-day Exponential Moving Average stationed at $19,222, a sweep of the summer lows at $17,880 could occur. If the bulls do not capitulate near this level, investors can expect a $16,000 BTC price to finally show up on the market as well.

Invalidation for traders willing to participate in the bearish trade setup is a breach above the rejected triangle apex at $20,300. Said price action could be the catalyst to send Bitcoin price back to $25,400, resulting in a 30% increase from the current BTC price.  

tm/btc/10/18/22

BTC/USDT 1-Hour Chart

In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team

Ethereum price shows a bearish influx

Ethereum price has been rejected from the mid-$1,300 to start the third trading week of October.  A subtle uptick in volume is displayed on intra-hour time frames, while the Relative Strength Index shows an increase in bearish momentum. Combining these indicators’ narratives could suggest the decentralized smart contract token is in phase one of a new move south.  

Ethereum price now trades at $1,316 as the bears have breached the 21-day SMA. If the bulls do not show up at the 8-day EMA near $1,280, a sweep of the October lows at $1,205 will come as no surprise. 

The bearish invalidation level is a breach above the October high at $1,383. If the bulls can accomplish this bullish event, a continuation rally into September high at $1,718 stands a fair chance of occurring. The ETH price would subsequently rise 36% from the current market value.

tm/eth/10/22/22

ETH/USDT 1-Hour Chart

In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team

Ripple price looks subdued 

XRP price currently auctions at $0.47. The 8-day EMA and 21-day SMA are positioned differently when compared to Bitcoin and Ethereum. On Monday, October 17, the bulls were rejected from both indicators simultaneously near $0.485. 

The digital remittance token could be at a critical point for investors as the rejected moving averages are likely to produce a bearish death cross signal in the coming hours. Such a move could wreak havoc on the XRP price.  Liquidity levels near $0.40 and potentially $0.37 would be in jeopardy for up to a 19% decline from the current market value.

Invalidation for the bearish downtrend is a breach above $0.50. If the bullish move occurs, a buyers frenzy targeting September highs at $0.56 could occur, resulting in a 19% increase from the current XRP price. 

tm/xrp/10/18/22

XRP/USD 1-Hour Chart

In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team

 


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.

Recommended content


Recommended Content

Editors’ Picks

Japan mulls lifting Bitcoin ETF ban, slashing taxes on crypto gains

Japan mulls lifting Bitcoin ETF ban, slashing taxes on crypto gains

Japan's Financial Services Agency has proposed a rule change to bring crypto assets under the jurisdiction of the Financial Instruments and Exchange Act. The proposal, to be reviewed on June 25, could pave the way for the listing of Bitcoin ETFs.

Bitcoin recovers as Iran-Israel ceasefire fuels risk-on sentiment

Bitcoin recovers as Iran-Israel ceasefire fuels risk-on sentiment

Bitcoin price stabilizes around $105,000 on Tuesday after a 4.33% gain on Monday, driven by easing geopolitical and regulatory concerns. Global risk appetite is increasing as the ceasefire between Iran and Israel, along with the Fed's softer stance on crypto-related banking, takes hold.

Crypto Today: Bitcoin, Ethereum, XRP consolidate gains after Israel-Iran ceasefire 

Crypto Today: Bitcoin, Ethereum, XRP consolidate gains after Israel-Iran ceasefire 

Tensions in the Middle East have taken the backseat after US President Donald Trump announced a ceasefire between Israel and Iran on Monday. Global markets, including cryptocurrencies, ticked up, boosting BTC's recovery above $105,000 at the time of writing on Tuesday.

Pi Network Price Forecast: Minor recovery teases trend reversal amid GenAI claims, Pi2Day

Pi Network Price Forecast: Minor recovery teases trend reversal amid GenAI claims, Pi2Day

Pi Network edges higher on Tuesday, holding above a crucial psychological and trendline support. The Pi Core team teases a potential Generative AI feature to be announced on Pi2Day, June 28.  

Bitcoin Weekly Forecast: The calm before the storm

Bitcoin Weekly Forecast: The calm before the storm

Bitcoin (BTC) price remains steady above a key support level, trading slightly above $106,000 at the time of writing on Friday. The uncertainty looms as geopolitical tensions between Iran and Israel show no sign yet of an exit strategy from either side.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP