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Bitcoin, Ethereum, XRP Weekly Wrap – October 4, 2024
Bitcoin (BTC), along with Ethereum (ETH) and XRP, witnessed a rough week as the macro-financial conditions remained bleak. Nevertheless, each of the three assets is close to reclaiming a key support level.
BeInCrypto has analyzed the big three cryptocurrencies and what investors should be expecting from them in the coming week.
Bitcoin Weekly Wrap: Price Holds On
Bitcoin’s price saw a near 6% decline over the past week, with the weekend preventing a larger drawdown. Currently, BTC is trading at $61,334 and is attempting to flip $61,868 into a support level. Breaking this resistance is critical for Bitcoin to regain momentum.
Successfully flipping $61,868 into support could help Bitcoin recover the recent losses. This move could push the price beyond $65,000, setting the stage to breach the resistance at $65,292, a key level for further upside.
Read more: Bitcoin Halving History: Everything You Need To Know
However, the bullish outlook will be invalidated if Bitcoin fails to break past $61,868. This strong resistance, if unbroken, could lead to a drop toward $60,000, exacerbating the downward pressure.
Ethereum Looks For Support
Ethereum’s price dropped more significantly than Bitcoin, experiencing a 9.6% decline over the past week. This drawdown brought ETH to $2,378 after bouncing off a crucial support level of $2,313. Traders are closely watching Ethereum’s next move amid this volatility.
Ethereum is now targeting a flip of the 23.6% Fibonacci Retracement level into support. Known as the bear market support floor, achieving this could provide Ethereum with the momentum it needs for a potential recovery in the coming days.
Read more: How to Invest in Ethereum ETFs?
Nevertheless, if bearish signals intensify, Ethereum could face further selling pressure. A fall below $2,313 would invalidate the current bullish outlook, potentially pushing ETH down to $2,223.
XRP Is Relatively Safer
XRP price suffered the most among the major cryptocurrencies, plunging by 18% over the last four days. However, the altcoin managed to avoid slipping below the critical 38.2% Fibonacci line at $0.52, signaling some potential for recovery.
A bounce off this support level could push XRP toward the 50% Fibonacci line at $0.55. Breaching this key level would be essential for XRP to regain momentum and recover from its recent losses.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
However, if XRP fails to flip $0.55 into support, it could enter a period of consolidation with $0.52 as the lower limit. This would invalidate the bullish outlook and delay further recovery efforts.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.