On the second Sunday of October, Bitcoin (BTC) continued to strive to maintain a critical level above $28000. If the closing price of BTC can remain between $28143 and $28300, it may indicate that investors will have an opportunity to continue to profit
On the second Sunday of October, Bitcoin (BTC) continued to strive to maintain a critical level above $28000. If the closing price of BTC can remain between $28143 and $28300, it may indicate that investors will have an opportunity to continue to profit. So, what are the expectations for Ethereum (ETH) and Avalanche (AVAX)?
Ethereum (ETH) analysis
As of the writing of this article, the trading price of Ethereum (ETH) is $1636, while the price of Bitcoin (BTC) is approximately $28070. The cryptocurrency market is facing unprecedented challenges, including wars, high inflation, economic crises, bank failures, and the fastest rate hike in Federal Reserve history. However, even in the worst-case scenario, the price of ETH is unlikely to fall below $1000 in the long run.
ETH prices are currently expected to continue to rise, approaching the 50 day moving average (50 day EMA) of approximately $1665. If the rising triangle on the chart forms a downward breakthrough, we may see prices falling between $1465 and $1560, expected to occur in October 2023.
In the short term, if ETH prices can break through the 50 day moving average, it is expected to hit the trend line above this month, which is approximately $1730. This trend will pave the way for the price to reach $2000.
Avalanche (AVAX) analysis
With the rise in Bitcoin prices, this is good news for AVAX investors. Moreover, the indicators on the Avalanche chain have begun to recover, as StarsArena was launched last week. However, it should be noted that this platform was launched without completing code auditing, and there are many vulnerabilities. Multiple attack reports have occurred in the past ten days, and StarsArena has also been attacked.
Although the issue seems to have been resolved and the team is seeking professional code audit support to prevent further hacker attacks, this situation also indicates the risks of the DeFi project. If StarsArena continues to receive attention, AVAX prices may continue to rise. It is worth noting that price fluctuations seem to coincide with the allegations of hacker attacks on the platform.
From a technical analysis perspective, the closing price of AVAX above $10.2 is a positive sign. If the price can break through the level of $10.83, it may further drive the price up. If the closing price can exceed $12, the price may rise to $15.65.
Technical analysis cannot predict the future, nor can it guarantee that there will be no negative news.
Thank you for your support, we will see you next time!
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
