Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos slow down while bulls defend the uptrend

  • Bitcoin price dips below the R2 for October, with bulls awaiting a good discount for launching BTC price to $70,000.
  • Ethereum price sees bulls offering a very tight window for profit-taking, with momentum already prepped for all-time highs.
  • XRP price traps sellers in a bear trap and sees bulls booking 35% gains.

Bitcoin price came off the new all-time highs the most, whilst Ethereum and XRP kept their price corrections a bit more controlled. The way things are looking, global market sentiment will dictate if Ethereum is the next cryptocurrency to make new all-time highs as Bitcoin price has faded a bit too much by now. XRP price keeps lagging but sees more buy-side volume added to the momentum, so the catchup has begun.

Bitcoin price is blowing off some steam as bulls book some profits

Bitcoin (BTC) price has been fading since the cryptocurrency hit all-time highs on October 20. In the first phase, the monthly R2 resistance level held throughout the weekend but then gave way on Wednesday, as global markets came off their highs as well. With markets on the back foot a little bit, expect volume and volatility to die down somewhat. 

BTC price bulls will want to wait before picking up more Bitcoins. Expect more room for the correction to unfold towards $55,619, a historical level from April 7. Around that level, fresh buyers should eagerly start to repurchase Bitcoin and ramp the price back up above the monthly R2. Once above that, new all-time highs are not far away, especially if global markets are back on the front foot and provide favorable tailwinds.

BTC/USD daily chart

BTC/USD daily chart

If earnings start to depress market sentiment further, expect more and more bulls to take profit and see Bitcoin price fade further. BTC price will start to test the overall $50,000 psychological barrier and might hit $48,760 in a nosedive move. But at the same time, this should attract plenty of buyers and keep the BTC price from correcting further, as quite a lot of support levels, moving averages, and pivots are present in this area.

Ethereum price takes a pause before the final push towards new all-time highs

Ethereum (ETH) price started to fade a little bit on Tuesday after hitting $4,400. It remains contained, however,  and the monthly R1 resistance level has yet to be  tested. Bulls look to keep the uptrend and momentum going, allowing a small correction window but keeping ETH price action under pressure.  

ETH price enjoys quite some support from the monthly R1 and the descending red top line, which should provide enough support for a bounce-off. If that does not do the trick, a few dollars lower, historical support from May 5 near $3,667 has been exceptionally well respected. With this summary, it is clear that bulls have three support levels in just a 200$ range, offering plenty of occasions for new buyers to add volume to the uptrend.

ETH/USD daily chart

ETH/USD daily chart

ETH price could come under more fire if global markets start to correct even further and the VIX volatility gauge starts to make higher peaks. Expect cryptocurrencies like Ethereum to be the first on the chopping block in portfolio reshuffles. After a break below $3,687, expect $3,391 and $3,039 to be the following lines in the sand that should be able to slow down any dips or corrections. Should more headwinds start to emerge, certainly $3,018 should be able to withstand quite a lot of sell-side volume and be able to provide solid support.

XRP price formed a bear trap, and it's up to bulls to squeeze XRP prices higher

Ripple (XRP) price saw a pennant formation complete on Wednesday with a bearish outbreak. With global markets on the back foot yesterday, bears had the support of global sentiment. In that bearish outbreak, bears got quickly rejected on the blue descending trend line that has been exceptionally well respected since August 15.

XRP price quickly came off that blue descending trend line around $0.93 and today sees XRP bulls retesting $1.05. With this move, bears are getting hurt quite severely and look to have stepped into a bear trap. Bulls now need to squeeze the bears out of their short positions, enabling the price to quickly pop towards $1.25.

XRP/USD daily chart

XRP/USD daily chart

With market sentiment in doubt as to whether it will go risk-on or risk-off, expect markets to quickly steamroll buyers out of their positions in the event of a return to risk-off, and see XRP price to fall back on that blue descending trend line again. A break would push XRP price towards $0.83 - $0.78. Should global markets get more worried about stagflation and the speedup of the hiking cycles from several central banks, expect a quick correction to $0.582.


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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Largest DeFi exploit of 2022 wipes out $80 million from Qubit's Ethereum-BSC bridge

Ethereum-BSC bridge of Qubit Finance suffered a hack to the tune of $80 million in the largest DeFi exploit of 2022. Hackers exploited the "deposit" function to steal cryptocurrencies from Qubit Finance. 

More Ethereum News

Decentraland bulls go against the bearish trend, targeting $2.60

Decentraland (MANA) price has been on the front foot in a challenging market environment. MANA bulls look ready to eke out  28% of gains for this week after the price lifted from the 200-day Simple Moving Average (SMA) and is now set to pop and stay above the monthly S1 support level.

More Decentraland News

Charles Hoskinson awaits launch of Vaccuumlabs DEX on the Cardano network

Cardano network activity hit a peak with a spike in transactions on the network. Charles Hoskinson, the CEO of IOHK, is awaiting the launch of Vaccuumlab's DEX on the Cardano network. 

More Cardano News

Why Bitcoin has entered a new bear market

Bitcoin price has tumbled to a multi-month low below $33,000, as the leading cryptocurrency loses 50% of its value from its all-time high in November 2021. This marks the second-worst sell-off since the bear market that spanned from 2018 to 2020. 

More Bitcoin News

Bitcoin: Federal Reserve cannot tame BTC’s uptrend

Bitcoin experienced some significant losses over the past few weeks, with a more dramatic drop occurring this week after the Fed’s decision was announced. As losses have extended and Bitcoin has entered into the $30,000 zone, concerns regarding BTC being in a bear market have increased.

Read full analysis