Price Analysis October 14th – ETH, BNB, XRP, SOL, and BTC

Price Analysis

Prices above the $27,000 mark have not been easy for Bitcoin buyers to maintain since Wednesday, when the Producer Price Index (PPI) report for September was released. PPI increased by 0.5% against financial analysts’ expectations of 0.3%. This suggests that the inflation rate in the United States is still above the expected level and may stay there for quite some time.

Meanwhile, despite the uncertain macro environment, some crypto analysts are predicting the start of a rally in mid-November in case history repeats itself. Miles Deutscher, a prominent cryptocurrency analyst, shared a Cryptocon’s chart on X, which indicated that Bitcoin has started an uptrend between November 19 and 24 for the past three years. Deutscher claimed that if BTC begins to rally on the said dates, its value will continue rising until the halving event in April.

On the other hand, BitMEX founder Arthur Hayes said BTC will hit $750,000 by 2026 when he appeared on the Impact Theory show hosted by Tom Bilyeu. Hayes argued that the increased printing of fiat money by the United States government to prevent a financial crisis from occurring would fuel a significant bull run in the crypto market.

While the long-term appears bullish based on various crypto players’ sentiments, the many headwinds witnessed at the moment make the short-term view of crypto unclear.

Now, will crypto assets continue plummeting, or will they start a rally over the coming days? Let’s take a deeper look at the price charts to find out.

Bitcoin Price Analysis

The release of the PPI report on October 11 invited selling pressure on Bitcoin, which pulled the coin below the 20-day EMA (Exponential Moving Average) of $27,217. Nonetheless, BTC’s current price ($26,887) remains above the 50-day SMA (Simple Moving Average) of $26,674. But if this level crumbles, bears will become the main drivers of the Bitcoin market and may drag the crypto asset to the $24,942 support level.

On the other hand, a rebound from $26,674 may trigger a rally above $27,217 towards the $28,137 resistance level.

Ethereum Price Analysis

After crashing below the $1,600.83 support level at the start of the week, Ethereum dropped further to $1,528.45 on Thursday, where the buyers purchased the dip. With a positive divergence forming on the RSI (Relative Strength Index), it looks like the selling pressure is declining. If that’s the case, a rally to the 20-day EMA of $1,618.98 may happen over the next few days. Conversely, a break below $1,528.45 could force ETH to touch $1,367.89 for the first time since January.

BNB Price Analysis

BNB bulls managed to drag the token to the $203.65 critical support on Monday but could not defeat the bulls at that level. The failure pushed BNB to its current price of $206.03. A solid uptrend can only happen when the barrier at the $221.03 breakdown level is overcome. If the bulls achieve this, a rally to $250.47 becomes more likely. On the contrary, failing to defend $203.65 opens room for a decline to $184.09.

XRP Price Analysis

On October 10, XRP bulls let the $0.500236 support level crumble, fueling a deep drop to $0.477365. However, they managed to stage a recovery from that level, pushing XRP to $0.485329 as of this writing. Still, the crypto asset’s current price is below the uptrend line, meaning the bears are very much active.

A strong recovery run will only happen if the bulls thrust XRP above the 20-day EMA of $0.519003. On the other hand, the token could reach $0.417300 if $0.477365 cracks.

Solana Price Analysis

Solana was mentioned severally during the trial of FTX ex-CEO Sam Bankman-Fried on Friday. This caused the token to drop 3.7% to $21.15 as of this writing. If the bears force a break below the 50-day SMA of $20.43, SOL could retest the $18.57 support level. On the positive side, a break above the 20-day EMA of $21.86 may push the token to $32.86 after a minor barrier at $24.52 is broken.