Bitcoin Defends $83,000... Ethereum Below $2,700, XRP Consolidates at $1.50

▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP) / ChatGPT Generated Image ©

Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) have all entered a consolidation phase after last week's rally, but an analysis suggests that the market's upward structure has not yet been damaged. Bitcoin is defending $83,000, and while buying momentum for Ethereum has weakened below $2,700, XRP is preparing for its next upward attempt around $1.50.

According to investment media FXStreet on September 30 (local time), Bitcoin traded near $83,000 on Wednesday, defending its short-term support level. In the event of a further decline, buying demand is expected to extend to $80,000, and this range must be maintained to recover the uptrend. K33 Research noted that Open Interest (OI) decreased by 49,000 BTC. It analyzed that while leverage was orderly reduced during profit-taking, spot trading volume remained below the annual average despite price increases, lowering the possibility of forced liquidations and additional selling pressure.

Bitcoin's technical structure still leans towards bullishness. The price is above all 50-day, 100-day, and 200-day Exponential Moving Averages (EMA), and the SuperTrend is also below the current price, supporting the upward structure. The Relative Strength Index (RSI) remained in the bullish, non-overheated zone at approximately 58. However, the Moving Average Convergence Divergence (MACD) has fallen into negative territory, and the histogram has weakened, indicating a slowdown in short-term upward momentum. On the downside, the first demand zone is around $78,352 where the SuperTrend is located, and the 50-day EMA at $77,786. In case of further correction, the 100-day EMA at $74,302 and the 200-day EMA at $74,421 are presented as strong support zones.

Ethereum continued its correction for two consecutive days, falling to $2,669, but maintains a short-term bullish structure by trading above its major moving averages. The 50-day EMA is at $2,446, the 100-day EMA at $2,282, and the 200-day EMA at $2,256, while the SuperTrend is formed at $2,434. The RSI is relatively solid at around 60, but the MACD remains in negative territory, indicating weakening buying momentum after the recent rise. In case of a decline, $2,446-$2,434 is the first defense zone, and if that breaks, $2,282 and $2,256 are mentioned as the next support levels.

XRP is seeking direction around $1.50. The price is well above $1.37, where the 50-day and 200-day EMAs converge, and the 100-day EMA at $1.31 also forms an additional demand zone. The RSI supports the upward trend at approximately 56, but the MACD has slightly fallen below the 0 line, indicating somewhat weakened short-term momentum. If buying momentum recovers while defending $1.50, the September high of $1.66 and the August high of $1.70 are presented as the next upward targets.

Ultimately, all three major virtual assets have seen their short-term upward momentum slow, but they maintain an upward structure by trading above their major moving averages. For Bitcoin, defending $83,000 and the $80,000 level below it is crucial; for Ethereum, whether it can recover $2,700; and for XRP, whether it can target $1.66-$1.70 again based on $1.50. Especially, with the reduced leverage lowering the risk of forced liquidations, the analysis suggests that if major support levels are maintained, the market's upward structure can continue.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*