The King of Cryptocurrencies continued to strive to maintain the $28000 mark on the second Sunday of October. The closing price of BTC above $28143 and $28300 will indicate that investors will further profit
The King of Cryptocurrencies continued to strive to maintain the $28000 mark on the second Sunday of October. The closing price of BTC above $28143 and $28300 will indicate that investors will further profit. So, what are your expectations for ETH and AVAX?
Ethereum (ETH) analysis
As of the time of writing, the transaction price of the King of Shanzhai Coins is $1636, while the price of BTC is approximately $28070. Due to war, high inflation, economic crisis, bank bankruptcy, and the fastest rate hike by the Federal Reserve in history, cryptocurrencies are facing unprecedented pressure. However, even in the worst days, ETH prices will not close below $1000 in the long run.
ETH prices continue to potentially rebound, approaching the 50 day moving average (50 day EMA) of around $1665. If the rising triangle on the chart forms a downward breakthrough, we may see prices drop to $1465 and $1560 by October 2023.
In the short term, breaking the 50 day moving average may cause ETH prices to hit the trend line above $1730 this month. Such a move will pave the way for $2000.
Avalanche (AVAX) analysis
As BTC prices begin to strengthen, this is good news for AVAX investors. Due to the launch of StarsArena last week, Avalanche's on chain metrics have begun to recover. In addition, the demand for cryptocurrencies is also increasing. However, although this is a promising SocialFi experiment, the platform was launched without completing a code review and has many vulnerabilities.
There are too many reports of attacks occurring within ten days, and the Star Arena has encountered such a situation. At present, this issue seems to have been resolved, and the team is receiving professional support from code auditing to prevent further hacker attacks. If StarsArena continues to receive attention, AVAX prices may continue to rise. In fact, price fluctuations follow the same timeline as allegations of platform hacking attacks.
The closing price of AVAX above $10.2 is positive. If it breaks through the $10.83 level, the price increase may gain momentum. If the closing price is above $12, the price may rise to $15.65. Of course, technical analysis cannot predict the future, and no one can guarantee that there will be no bad news.
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