News that BlackRock has registered an iShares Ethereum Trust has increased expectations that the asset manager may eventually file for an Ethereum (ETH) spot exchange-traded fund. This is a positive sign as it shows that BlackRock’s cryptocurrency aspirations are not limited to Bitcoin (BTC).
Market observers are increasingly optimistic that a spot Bitcoin ETF will receive SEC approval in 2024. Bloomberg Intelligence research analyst James Seyffart said on X (formerly Twitter) that there is still a 90% chance that regulators will approve a Bitcoin ETF. A spot Bitcoin ETF will be launched before January 10 next year.
Mike Novogratz, founder of Galaxy Digital, believes that the approval of a Bitcoin ETF and the approval of an Ethereum ETF will drive institutional adoption in 2024. During Galaxy Digital’s third-quarter earnings call on Nov. 9, Novogratz expressed confidence that “now is the time” for ETF approval, not a matter of if, but when. “
Can expectations for ETF approval sustain the rally in Bitcoin and some altcoins, or will profit taking begin?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
On November 9, Bitcoin surged above an ascending channel pattern, but profit taking was witnessed at higher levels, as can be seen from the long shadow on the candlestick.
The relative strength index (RSI) has been in overbought territory for the past few days, indicating that bulls have maintained buying pressure. If the current rally continues, buyers will try to push the BTC/USDT pair towards $40,000 again.
On the contrary, if the price falls back inside the channel, it means that the market has rejected higher levels. This could push the price down to the 20-day exponential moving average ($34,240), an important level to watch. A move below this level would tilt the short-term advantage to the bears.
Ethereum Price Analysis
On November 9, Ethereum surged above the psychological resistance of $2,000, indicating aggressive buying by bulls.
The recent rally has pushed the RSI into overbought territory, suggesting a consolidation or correction may be imminent. Sellers will try to halt the rise to $2,200, but if they want to blunt the momentum, they will have to pull the price back below $2,000.
Conversely, if the ETH/USDT pair surges above $2,200, it will open the door for a rise to $2,950 as there is no significant resistance between the two.
BNB price analysis
Bulls bought BNB (BNB) on the dip on November 9, showing that lower levels continue to attract buyers.
Bulls will try to push the price above the overhead resistance at $265. If they are successful, the BNB/USDT pair could rise to $285 before attempting a rebound to $310. This level could pose a strong challenge to the bulls.
Key support on the downside is the 20-day EMA ($235). Sellers would have to push the price below that level to gain the upper hand. The pair may then drop towards the 50-day moving average ($220).
Ripple Price Analysis
XRP (XRP) fell from $0.74 on November 6 and fell below the immediate support at $0.67 on November 9. This indicates profit-taking by the bulls.
The rising 20-day EMA ($0.61) and the RSI in positive territory suggest that bulls have the upper hand.
If the price rebounds from the 20-day moving average, it means that market sentiment remains bullish and traders will view dips as buying opportunities. This improves prospects for a move above $0.74. The XRP/USDT pair may then climb towards $0.85.
Contrary to this assumption, a break below the 20-day EMA could deepen the correction towards the next support at $0.56.
Solana Price Analysis
Solana (SOL) edged up to the upper resistance level of $48 on November 9, and then significantly broke above the upper resistance on November 10.
If the SOL/USDT pair holds above $48, it will mark the beginning of the next phase of the uptrend. The pair may then rise towards $60.
Risks to the upside come from overbought levels on the RSI. This suggests that the recent rally has been overdone and is ripe for correction or consolidation. The longer the price remains in overbought territory, the greater the likelihood of a sharp retracement. A break below $48 would be the first sign that bulls may be losing control.
Cardano Price Analysis
Cardano (ADA) broke above overhead resistance at $0.38 on November 9, but the long shadow on the candlestick suggested that the market rejected higher levels.
The bulls will once again try to push the price higher and sustain it above the overhead resistance. If successful, the ADA/USDT pair could rise to $0.42 and later to $0.46. Buyers may face strong resistance at $0.46.
Alternatively, if the price declines from $0.38, it could slip to the 20-day EMA ($0.32). This remains a key level to watch on the downside. A strong rebound from this level could keep buyers in the upper hand, while a breakdown below this level could signal range-bound action in the near term.
Dogecoin Price Analysis
Dogecoin (DOGE) fluctuated wildly on November 9, as can be seen from the long shadow and tail on the candlestick. This indicates indecision between bulls and bears.
One small positive is that the bulls haven’t given up much ground to the bears. This suggests bulls expect the recovery to continue. There is a tight barrier at $0.08, but if this barrier is exceeded, the DOGE/USDT pair could reach $0.10.
If the bears want to stage a comeback, they will have to pull the price back below the 20-day EMA ($0.07). The market breakdown suggests that the pair is likely to consolidate within a broad range between $0.08 and $0.06 for some time.
related: Bitcoin “terminal price” suggests next BTC all-time high of at least $110,000
Coin price analysis
Toncoin (TON) closed above $2.59 on November 8, but bulls were unable to sustain higher levels. On November 9, the price dropped sharply and fell back below $2.59.
A slight advantage for the bulls is that support at the 20-day EMA ($2.29) remains on the downside. Bulls will again try to push the price above the overhead resistance zone between $2.59 and $2.77. If they succeed in doing this, the TON/USDT pair could accelerate and head towards the $4.03 pattern target.
If the price continues lower and falls below the 20-day EMA, this bullish view will be invalidated in the short term. The pair may then drop to $2.
Chainlink Price Analysis
Chainlink (LINK) reached $15 on November 8 and bulls attempted to extend the gains from November 9, but the long shadow on the candlestick indicated a sell-off at higher levels.
The LINK/USDT pair may slide towards the 50% Fibonacci retracement level at $13.24. If the price rebounds strongly from this level, the bulls will once again try to overcome the $15 hurdle. If they succeed, the pair could surge to $18.
On the downside, if the price falls below $13.24, it means traders are rushing to exit. This could open the door for a drop to the 20-day EMA ($11.94). This level is expected to once again witness a tough battle between bulls and bears.
Polygon price analysis
Polygon (MATIC) gains accelerated after breaking above $0.70, but gains faced selling near resistance above $0.89.
The price could drop to the 38.2% Fibonacci retracement level at $0.76. If the price rebounds from this level, it will strengthen the prospects of a rebound above $0.89. If this happens, the MATIC/USDT pair will complete a double bottom pattern. This bullish set target is $1.29.
On the contrary, if the price falls below $0.76, the next stop may be $0.70. Such a deep correction suggests that the pair may continue to oscillate within a broad range between $0.49 and $0.89 for some time.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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