The king of cryptocurrencies continues its struggle to maintain the $28,000 mark on the second Sunday of October. A closing price above $28,143 and $28,300 for BTC would indicate further gains for investors. So, what are the expectations for ETH and AVAX?
Ethereum (ETH) Analysis
At the time of writing, the king of altcoins is trading at $1,636, while BTC is priced around $28,070. Cryptocurrencies have faced unprecedented pressure due to wars, high inflation, economic crises, bankrupt banks, and the fastest Fed interest rate hikes in history. However, even in the worst days, the ETH price did not close below $1,000 in the long term.
The ETH price continues its potential recovery towards the 50-day exponential moving average (50-day EMA) at around $1,665. If the rising triangle formation on the chart results in a downward breakout, we may see a price drop to $1,465 and $1,560 by October 2023.
In the short term, a breakout above the 50-day EMA could allow the ETH price to touch the upper trend line of $1,730 this month. Such a move would pave the way for $2,000.
Avalanche (AVAX) Analysis
As the BTC price starts to strengthen, it is good news for AVAX investors. Due to the Stars Arena launched at the end of September last week, Avalanche on-chain metrics have started to recover. Additionally, there has been an increase in demand for the cryptocurrency. However, despite being a promising SocialFi experiment, the platform was launched without completing code audits and has been subject to many vulnerabilities.
There were too many reports of attacks within a 10-day period, and Stars Arena experienced this. For now, the issue seems to be resolved, and the team is getting professional support for code audits to prevent further hacks. If Stars Arena continues to attract attention, the increase in AVAX price may continue. Indeed, the price fluctuations follow the same timeline as the allegations of the platform being hacked.
It is positive that AVAX is closing above $10.2. If it surpasses the $10.83 level, the price increase could gain momentum. With closings above $12, the price can rise up to $15.65. Of course, technical analysis does not predict the future, and no one can guarantee that there will be no bad news.
