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WEEKLY CRYPTO PRICE PREDICTION

WEEKLY CRYPTO PRICE PREDICTION

ETHEREUM PRICE PREDICTION (ETH/USD)

ETHEREUM is taking the crypto revolution further and further. Ethereum is all ready to bring ETHEREUM 2.0 upgrade, which is a set of upgrades that will drastically improve the scalability, security, and sustainability of Ethereum. Although each is being worked on in parallel, they have certain dependencies that determine when they will be deployed.

Altair upgrade is the first step towards bringing the proof-of-stake (PoS) to the leading Ethereum platform. The first upgrade on ETHEREUM 2.0, Altair Upgrade, will go live on 27th October. This upgrade will provide the Beacon Chain with light client support, minor patches to incentives, per-validator inactivity leak accounting, an increase in slashing severity, and cleanups to validator rewards accounting for simplified state management.

Well this is good news for Ethereum.

The logic behind such assurance about Ethereum becoming ultra-sound money lies in the Proof of Stake (PoS) thesis. The PoS protocol, as analysts explain, enables the stakeholders in the ETH ecosystem to stake the coins and the right to validate the next block at unique intervals. Because the amount of coins one possesses determines the degree of performance, the demand for Ethereum becomes very high in the cryptocurrency market.

One significant development that is awaited by these crypto-miners is the coming of Ethereum 2.0 in the cryptocurrency market. It is being asserted that if it happens, it will end the dominance of Bitcoin.

WILL ETHEREUM GO INSANE????

Ethereum rallied by more than 21% in the first 15 days of October. 

Ether (ETH) has rebounded off the 20-day EMA ($3,390) for the past three days, indicating that bulls are accumulating on dips. The bulls will now try to push the price to the neckline of the inverse head and shoulders (H&S) pattern.

The breakout and close above the neckline will complete the bullish setup, with a target objective of $4,300. The gradually rising 20-day EMA and the RSI above 55 indicate a good advantage to the bulls.

Ethereum (ETH) will have to close above the critical resistance at $3,600 and successfully turn it into support. With this breakout, the cryptocurrency has a clear path to retest the all-time high at $4,300.Then ATH will act as resistance until broken.

Volume: The breakout volume on the 1-Day timeframe was substantial. However, we need more and more volume to sustain the upward trajectory.

RSI: The RSI on daily timeframes is moving higher above the 50 levels (mid-line), indicating that bulls are coming into power. 

EMA: ETH price is still moving above the 20/50/100/200 Day EMA. 

The overall inclination is bullish, especially if the price remains above $3,600. With more volume and buyers coming in, ETH can continue to push higher and approach the ATH. This inclination will change only if the price falls under $3,400. At that point, the current breakout would be another try by the bulls.

POLKADOT PRICE PREDICTION (DOT/USD)

On October 13, Polkadot (DOT/USD) finally announced that it is ready to start launching its parachains, something that everyone in its community and ecosystem has been waiting for quite a long time now. 

The project’s parachains are essentially sidechains that will operate along the main chain called the Relay Chain, considered the heart of the Polkadot and Kusama networks. 

Among other things, this design structure may allow parachain users to perform transactions faster and at lower costs and parachain developers create blockchains that do not disclose user data to the public network or do not need to process a large number of transactions. Parachains optimize their functionality for specific use cases and, in many instances, support their tokens. 

The protocol, co-founded by Gavin Wood, has long anticipated parachain auctions, which will commence in November. The first auction is expected to be held on November 11.

The parachain auctions will continue at a rate of one per week for five consecutive weeks until the final auction set on December 9. 

The party has started for POLKADOT!!

Polkadot’s price witnessed a tremendous run following the announcement of the launch of its parachain auctions. DOT price rose 23% following the announcement, creating a new 1-month high at $43.07. 

The resistance break at $37.47 can potentially take up the DOT, but the other resistance at $43 can act as an obstacle for it. DOT needs to search for key toeholds before resuming its rally.

Polkadot (DOT) bounced off the 20-day EMA ($33.02) on October 12, indicating that the bulls are still in power. On October 13, bulls were able to break through the resistance at $37.67 now; the level needed to be watched at $43 resistance level; if DOT can break through this resistance level, it may reach its all time-high sooner than expected.

The relative strength index is still above the midline (50 levels), indicating bullish sentiments.

In the short term, the Polkadot price may find support along 40.00. Below that level, the bears may push the price along with the 25-day EMA at $38.56 before bouncing back to the support, as mentioned earlier. On the upside, $43 will remain a key resistance level for the altcoin.

BITCOIN PRICE PREDICTION (BTC/USD)

The cryptocurrency market is now worth more than the world’s most valuable company after bitcoin, and several leading altcoins surged in price on Thursday.

The crypto market is now valued at more than $2.44 trillion, meaning it is worth more than Apple, the world’s most valuable company.

The U.S. took over as the biggest bitcoin mining hub in the world after Beijing sent miners scrambling.

On Friday, the latest gains follow news that the U.S. Securities and Exchange Commission is set to approve the first bitcoin futures exchange-traded fund (ETF) early next week.

Bitcoin has broken above $60,000 for the first time since April, prompting a market-wide price surge. Other leading cryptocurrencies have also seen big price increases recently, with Ethereum (ETH), Polygon (MATIC), and Ripple (XRP) rising between 5-10 percent over the last week.

There is much excitement about the BITCOIN bouncing back to its ATH as it’s been a bumpy year.

The closer BTC gets to its $64,000 record,One of the most prominent crypto investors Mr Whale said, 

“If BTC breaks to $61,000, there could be minimal upside pressure. All-time highs of nearly $65k will be the next resistance level before a potential price discovery phase. While the BTC price has fiercely rallied over the past few weeks, bitcoin balance on exchanges remains at the lowest levels in nine months, indicating investors are holding bitcoin in wallets rather than readying themselves to sell.”

BITCOIN, on 1st October broke through the parallel channel taking its support from the EMA and reaching the key resistance of $57,500. BTC is getting closer to its $65,000 all-time high.

BITCOIN may cross $63,000 and break it’s all-time high this month and potentially surpass $65,000 by the end of the month if traders stay extremely bullish.

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