Bitcoin’s price is currently stable, hovering below the $36,500 mark as the market waits for more definitive momentum. In light of the SEC’s discussions with exchanges regarding spot ETFs, there hasn’t been a notable impact on Bitcoin’s value.
Ethereum, on the other hand, could see a minor retracement of about 5% to the $1,864 level if it fails to maintain its support at $1,935. This is something for investors to watch closely.
As for Ripple, there’s a possibility of a 10% decrease in price to previously seen lows in late October if the current support level at $0.5981 doesn’t hold. Market participants might want to prepare for this potential scenario.
Despite these potential movements, the crypto assets seem to be in a phase of consolidation, with the SEC’s engagement being a point of interest yet not causing significant market disruption at this time.
BTC likely to drop
Bitcoin’s price is gently resting beneath the $36,500 resistance, awaiting further cues for direction. Market optimism seems muted with the fading prospects of a Bitcoin ETF approval in the ongoing year. As a result, the influential cryptocurrency is poised for a potential easeback in value.
Should the market not witness a fresh influx of interest, Bitcoin might softly retreat from its current support near $35,410. If this gentle decline unfolds, we could see Bitcoin’s value gently touching the ground at $34,000.
A continued downtrend may guide Bitcoin towards a light brush with the $32,000 area. From there, Bitcoin could delicately test the resilience of a known supportive region extending from $30,126 to $31,524. If Bitcoin does whisper past the middle of this zone at $30,824, it could lightly settle towards the much-watched $30,000 mark, a level of psychological significance among investors.
ETH at support levels
Ethereum’s (ETH) price is approaching a key support threshold at $1,935. If this level doesn’t hold, there’s potential for a dip towards $1,864, reflecting about a 5% decrease. Should the downtrend continue, the price might gravitate to the $1,800 level, with further support possibly emerging around $1,753. Investors and traders should monitor these price levels closely as Ethereum navigates through these critical points.
Ripple XRP pullback
The Ripple (XRP) price shows a continued downward trend and may see a further decline, potentially reaching down to the $0.5392 support level, a move that would represent a 10% fall from its current position. The technical indicators reflect this bearish mood, with the Relative Strength Index (RSI) pointing downwards and the Awesome Oscillator (AO) indicating negative momentum through its red bars.
However, there’s a possibility that new investors could enter the market, creating an upward correction for Ripple’s price. If this were to happen, the price could climb back up past the $0.6603 mark, which was the lower boundary of the prior symmetrical triangle pattern. In an optimistic scenario, Ripple could even surpass the $0.0700 mark and aim to close the Fair Value Gap (FVG) at $0.7512, with an eye towards the $0.8000 level if the momentum is strong enough.