Bitcoin, Ethereum, XRP Forecast: Key Indicator Halts Ethereum ETF Rally

Tim Smith
Published: Oct 3, 2023, 12:25 GMT+00:00

Leading cryptocurrencies encounter selling pressure near the 200-day moving average. Watch these important levels in BTC, ETH and Ripple's XRP.

Ethereum, FX Empire

In this article:

Key Insights:

  • Leading cryptocurrencies encounter selling pressure near 200 moving average as enthusiasm surrounding futures-backed Ethereum ETF launch disappoints.
  • Bitcoin retraces after breaking out from symmetrical triangle, support at $25,000; resistance at $28,800.
  • Ethereum breaks above symmetrical triangle before sellers arrive, support at $1,500; resistance at $1,820.
  • XRP breaks out from symmetrical triangle before retracing, support at $0.46; resistance at $0.61.

Bitcoin, Ethereum and XRP Forecast Video for 03.10.23

Leading cryptocurrencies continued to show weakness in Tuesday’s Asian session after encountering substantial selling pressure Monday near the daily 200 moving average, capping a rally into the launch of several highly anticipated futures-based ether exchange-traded funds (ETFs).

The funds offered by by ProShares, VanEck and Bitwise Asset Management saw collective volume of just $1.92 million on their first day of trading, far short of the more than $1 billion in dollar volume turned over in a comparable futures-backed Bitcoin ETF launched back in October 2021. While the launch the Ethereum ETFs coincide with a prolonged crypto winter, the lack of investor enthusiasm toward the products highlight current sentiment in what is typically a bullish month for digital assets.

Elsewhere, rising interest rates also weighed on the asset class after the U.S. 10-year Treasury yield added another 11 basis points to reach a 16-year high of 4.69% on the back of better than expected manufacturing data. Below, use technical analysis to point out important levels to monitor in Bitcoin (BTC), Ethereum (ETH) and Ripple’s XRP (XRP).

Technical Analysis: Bitcoin, Ethereum and XRP


After breaking out above a symmetrical triangle on lackluster volume, Bitcoin’s price has retraced towards the pattern’s upper trendline after encountering sellers near the daily 200 SMA. A move higher latter this week could see a test of the $28,800 level, where the price finds resistance from a key horizontal trendline. Conversely, a failure to hold the triangle’s top trendline suggests a potential bull trap. This could trigger a reversal to longer-term support around the psychological $25,000 level.

Chart depicting the BTC price.


Ethereum’s price also broke out above a symmetrical triangle before a cavalry of sellers arrived near the daily 200 SMA. A move higher from the pattern’s upper trendline could see bulls make a run towards major overhead resistance around $1,820. However, a breakdown below the triangle’s top trendline and moving averages on the four hour chart could give way to larger falls toward the $1,500 level.

Chart depicting the ETH price.


XRP’s price has followed suit, breaking out above a symmetrical triangle before sellers delivered a prompt reality check. A rally from the moving averages and pattern’s upper trendline could kick start a move higher to resistance around $0.61. Alternatively, a breakdown from these levels could see bears make another attempt at the closely-watched $0.46 support level.

Chart depicting the XRP price.

About the Author

Tim Smithauthor

Tim brings over 20 years’ of experience working at some of Wall Street’s biggest investment banks, including Goldman Sacks, Bank of America Merrill Lynch, Citigroup, and Morgan Stanley.

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