Ethereum, Bitcoin And ICX Lead The Market

ETHEREUM ANALYSIS: OCTOBER, 2021

Market Structure:

Ethereum is the second largest cryptocurrency by market capitalization after Bitcoin. Here’s the market structure of Ethereum.

Ethereum is trading at $3580. The market structure of Ethereum is extremely bullish due to its deviated rally. This week, both the large caps, Bitcoin and Ethereum rallied separately, independent of the altcoins. This marks the shift in demand for the market leaders in the ecosystem. However, Ethereum has yet to break a strong resistance placed between $3712 and $3769. Above this zone, Ethereum can look to reclaim its previous all-time high. However, a sideways movement will prevail for a few days.

On the hourly chart, the coin is consolidating between a very narrow range. The coin is facing a choppy move amidst indecision among the buyers and sellers following the decent rally. $3621 serves as a strong resistance while $3515 serves as a good support for the coin. Ethereum must break either side to witness a good move for the bulls or the bears.

Ethereum analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is highly volatile but has managed to stay below the neutral region. It stands at 46.32 and has the potential to go lower.

The MACD is below the signal line as the coin faced yet another rejection from the overhead resistance.

Ethereum analysis
Source: tradingview

Conclusion:

On the breakout and close above $3626, $3694 and $3750 are the targets on the upside.

On the breakdown and close below $3535, $3499 and $3458 are the targets on the downside.

BITCOIN ANALYSIS: OCTOBER, 2021

Market Structure:

Bitcoin is the largest peer-to-peer cryptocurrencies in the world, founded after the great recession of 2009. Here’s the market structure of Bitcoin.

Bitcoin is trading at $54530. The market structure of Bitcoin is extremely bullish as the giant surged over 35% in the past two weeks. In this process, the coin broke three key structure points: $45000, $48500 and $52750. Moreover, the coin has witnessed above average bullish volumes, indicating the participation of institutional investors as a hedge against inflation fears. If the current momentum continues and the Q4 performance occurs, Bitcoin could easily fly well above its all-time high of $65000.

On the hourly chart, the coin is consolidating between a range like Ethereum, although relatively stable. $55850 is serving as an immediate resistance while $53675 is a good support. A good move can be seen if Bitcoin breaks above or below the aforementioned levels decisively, with good volumes. However, the probability of a surge is more likely due to the inflow of bullish volumes as well as the independent move seen in the last week.

Ethereum analysis Bitcoin
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI has crossed above the neutral region. It stands at 55.14 and has the potential to go higher.

The MACD is slightly above the signal line due to reversal from the support.

Bitcoin analysis
Source: tradingview

Conclusion:

On the breakout and close above $54750, $55850 and $56500 are the targets on the upside.

On the breakdown and close below $54301, $53432 and $52600 are the targets on the downside.

ICX ANALYSIS: OCTOBER, 2021

Market Structure:

ICX is a cryptocurrency designed by a South Korean based firm of several developers. Here’s the market structure of ICX.

ICX is trading at $2.136. The market structure of ICX is extremely bullish as the coin rallied 80% in a week before experiencing some profit booking and retracement. In completing a stellar rally, ICX broke many important structure points including its September swing-high of $2.232. The coin must close above that level again to witness a huge move, possibly taking it to new highs. The volumes on the rally were quite overwhelming as some exceeded twice than the average volumes.

On the hourly chart, the coin is also consolidating like Bitcoin and Ethereum. The range of ICX is between $2.083 and $2.191, the former as the support and the latter as resistance. The resistance is also in confluence with an upper trendline, pressuring the coin downwards. On the breakout of the combined resistance, ICX will fly to great levels as the underlying project has high utility.

Ethereum analysis ICX
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI has crossed below the neutral region. It stands at 49.77 and has the potential to go lower.

The MACD is slightly below the signal line due to the negative consolidation.

ICX analysis
Source: tradingview

Conclusion:

On the breakout and close above $2.189, $2.228 and $2.278 are the targets on the upside.

On the breakdown and close below $2.096, $2.050 and $2 are the targets on the downside.