The negative trend in the risk markets continues due to the appreciating dollar, leaving Bitcoin stuck below $26,500. As of the time of writing, BTC price is still closing below the critical zone after failed tests. So, what is the current situation with altcoins? How low can prices go?
Ethereum (ETH) Price Analysis
The king of altcoins has undergone many major updates in the past two years. It has turned inflation into negativity, continues to grow its network, and remains the leading platform for smart contracts. However, the price continues its negative trend below $2,000. The price crossed above the 20-day EMA ($1,614) on September 27th but failed to sustain it. Now, it has climbed back above this zone. If this zone can be maintained, the price may rise to the 50-day SMA at $1,668.
However, if the critical level regained today is lost again, ETH price may drop to $1,531 and $1,368. These levels are familiar as prices have shown shallow volatility for a long time. When this volatility starts to increase, a move to either $1,368 or $1,850, which have been discussed for a long time, will occur.
Binance Coin (BNB) Analysis
Except for investors who evaluated BNB at double-digit prices years ago, those who have been buying since 2021 are still in a loss. The token of the largest cryptocurrency exchange continues its negative trend. At the time of writing, the price was exactly at the 20-day EMA level ($213). If there are closings above $220, a move to $235 may occur.
However, BNB coin investors may see further losses towards the $183 support zone if there are closings below $203.
Ripple (XRP) Coin Analysis
Buyers tried to push XRP above the 20-day EMA ($0.50) on September 25th. The price is currently stuck in this zone, and if a positive announcement is made during the celebration of the summary judgment victory on Friday, the price may receive the expected support. However, this expectation does not seem to attract buyers much. The price movement of the past few days has formed a symmetrical triangle formation, indicating indecision between bulls and bears.
The bear’s target is a drop to $0.46 and $0.41 in case of closings below $0.49. On the other hand, the target of the inverse scenario is $0.56.
