Bitcoin, Ethereum, Ripple's Plunge Halted! Rebound Anticipated on Defense of Key Support Levels

▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) simultaneously initiated a rebound, leveraging key support levels just one day after a sharp decline. Bitcoin recovered to $81,800, Ethereum stabilized around the $2,400 mark, and XRP successfully defended its $1.30 support level. However, major technical indicators still signal bearish sentiment, leading to analysis that whether this rebound will lead to a full-fledged uptrend depends on breaking key resistance levels.

According to investment media outlet FXStreet on October 23 (local time), Bitcoin, Ethereum, and XRP saw a slight rebound on Friday after testing major support zones the previous day. Bitcoin traded at $81,856, securing support above its 50-day Exponential Moving Average (EMA) of $80,878. The 100-day EMA is at $77,528, and the 200-day EMA is at $76,186, both below the current price, supporting a medium-term upward trend. However, the Relative Strength Index (RSI) is around 47, indicating a neutral level, and the Moving Average Convergence Divergence (MACD) remains slightly in negative territory, suggesting that upward momentum has not fully recovered.

Bitcoin's short-term upside target is $85,000. This price level is considered a horizontal resistance where selling pressure has concentrated in the past, potentially limiting further gains. Conversely, in case of a decline, the 50-day EMA at $80,878 will act as the primary support. If breached, the 100-day EMA at $77,528 and the 200-day EMA at $76,186 are expected to serve as subsequent key defense lines. While the current price remaining above short-term and medium-term moving averages maintains the basic structure of an uptrend, analysis suggests that stronger buying pressure is needed for a further rebound.

Ethereum traded at $2,409, finding stability around the $2,400 mark. While it is currently moving above its 100-day and 200-day EMAs, maintaining a medium-term upward structure, the RSI remains around 41 and MACD has not escaped negative territory, indicating limited rebound momentum. The short-term resistance is at the 50-day EMA of $2,475. If a daily close above this price is confirmed, there is a possibility of attempting a rise to the next resistance of $2,770. Conversely, if $2,400 breaks down, the area between $2,365 and $2,316, where the trendline and 100-day/200-day EMAs converge, will act as a critical support level. If even this zone is breached, the bullish structure will weaken, risking a further decline to $1,823.

XRP traded at $1.320, defending the $1.300 support level, but it is showing relatively weaker technical momentum among the three cryptocurrencies. The current price is below the 100-day EMA at $1.336, the 50-day EMA at $1.371, and the 200-day EMA at $1.373. The RSI is 42, and MACD is slightly negative, indicating persistent short-term bearish pressure. In case of a rebound, $1.336 will be the primary resistance, and a breakthrough of the $1.371-$1.373 range is needed to expect an alleviation of the downtrend. For further upward movement, $1.540 and $1.900 have been identified as major resistance levels. Conversely, if a daily close below $1.300 is confirmed, there is a possibility that the decline will accelerate again.

The market is noting that this simultaneous rebound is a technical recovery following the defense of key support levels. For Bitcoin, $80,878; for Ethereum, $2,365-$2,316; and for XRP, $1.300 are the critical price levels to determine whether the upward structure will be maintained. Notably, Bitcoin and Ethereum are maintaining a medium-term upward trend above their major moving averages, while XRP remains below its key moving averages, showing a relatively clear bearish sentiment. Experts analyzed that further rebounds could be expected if key support levels hold, but a clear breach of these levels could lead to deeper price corrections.

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