The news that BlackRock registered the iShares Ethereum Trust has increased the expectations that the asset manager may apply for an Ether (ETH) spot exchange-traded fund (ETF). This is a positive sign as it shows that the cryptocurrency aspirations of BlackRock are not limited to Bitcoin (BTC).
Analysts are more and more hopeful that spot Bitcoin ETFs will be given the green light by the United States Securities and Exchange Commission by Jan. 10, 2024. Bloomberg Intelligence research analyst James Seyffart commented on X (formerly Twitter) that there is still a 90% chance that the regulator will approve a spot Bitcoin ETF by that date.
Mike Novogratz, the founder of Galaxy Digital, is certain that the approval of the Bitcoin ETF and then the Ether ETF will result in an increase in institutional adoption in 2024. During the third-quarter earnings call of Galaxy Digital on Nov. 9, Novogratz expressed his confidence that the approval of ETFs is not a question of if, but when.
Will the expectations about ETF approvals sustain the rally in Bitcoin and some altcoins, or will profit-booking occur?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
On Nov. 9, Bitcoin surged past the ascending channel pattern, but the long wick on the candlestick indicated that profit-booking took place at the higher levels.
The RSI has been in the overbought territory for a few days, implying that the bulls have kept up the buying pressure. If the current recovery remains, buyers might try to push the BTC/USDT pair to $40,000 again.
Conversely, if the price falls back into the channel, it would suggest that the markets have declined the higher levels. This could cause the price to dip to the 20-day exponential moving average ($34,240), a significant level to keep an eye on. A breakdown below this level would give the bears the short-term advantage.
Ether price analysis
Ether skyrocketed past the psychological resistance of $2,000 on Nov. 9, indicating strong buying from crypto traders on Twitter.
The current rally has pushed the RSI into the overbought zone, suggesting a period of consolidation or correction may be imminent. Sellers may attempt to stop the upswing at $2,200, but if they wish to weaken the momentum, they will need to pull the price back below $2,000.
Conversely, if the ETH/USDT pair breaks above $2,200, it could open the door for a possible rise to $2,950 as there is no significant resistance in between.
BNB price analysis
The bulls were quick to purchase the dip in BNB (BNB) on Nov. 9, indicating that the lower levels are still attractive for buyers.
The bulls will now attempt to push the price above the overhead resistance at $265. If they succeed, the BNB/USDT pair could surge to $285 and then possibly try to rally to $310. This level is likely to prove to be a tough challenge for the bulls.
The crucial support on the downside is the 20-day EMA ($235). The sellers need to drag the price below this level to gain the advantage. The pair could then plunge to the 50-day SMA ($220).
XRP price analysis
XRP (XRP) dropped from $0.74 on Nov. 6 and moved below the immediate support at $0.67 on Nov. 9, likely due to crypto sell off. Despite this, the rising 20-day EMA ($0.61) and the RSI in the positive territory suggest that the bulls still have the upper hand.
If XRP/USDT snaps back from the 20-day EMA, it will indicate that the sentiment is still bullish and traders view the dips as a crypto buying opportunity. This could lead to a breakout above $0.74 and a possible climb to $0.85.
Conversely, if the price breaks below the 20-day EMA, it could deepen the correction to the next support at $0.56.
Solana price analysis
On Nov. 9, Solana (SOL) managed to break above the overhead resistance of $48, and this was followed by a strong surge above this resistance level on Nov. 10.
If SOL/USDT pair can stay above $48, it will be a sign of the start of the next bull run. The pair is likely to climb up to $60.
However, the RSI is already in the overbought zone, which indicates that the rally is overextended in the short term and may experience a correction or consolidation. If the price drops below $48, it will be an indication that the bulls are losing their grip.
Cardano price analysis
Cardano (ADA) broke through the overhead resistance at $0.38 on Nov. 9, but the long wick on the candlestick revealed that the markets rejected the higher levels.
The bulls will once again attempt to push and maintain the price above the overhead resistance. If successful, the ADA/USDT pair could surge to $0.42 and then to $0.46. Buyers may face a strong resistance at $0.46.
Alternatively, if the crypto sell off from $0.38 begins, it could drop to the 20-day EMA ($0.32). This remains the key level to watch for on the downside. A solid rebound off it could keep the advantage with the buyers, while a break below it could indicate a range-bound movement in the near term.
Dogecoin price analysis
Dogecoin (DOGE) saw wild swings on Nov. 9, as indicated by the long wick and tail on the candlestick, which suggests a lack of agreement among crypto bulls and bears.
There is a slight positive, as the bulls have not given much ground to the bears. This suggests that the bulls are expecting the crypto recovery to continue. The hurdle at $0.08 is significant, but if it is crossed, the DOGE/USDT pair could reach $0.10.
If the bears want to take control, they need to push the price back below the 20-day EMA ($0.07). Such a breakdown would suggest that the pair could remain in a large range between $0.08 and $0.06 for some time.
Toncoin price analysis
On Nov. 8, Toncoin (TON) closed above $2.59, but the bulls were not able to sustain the higher levels. The price dropped sharply and slipped back below $2.59 on Nov. 9.
The bulls have a slight advantage as the 20-day EMA ($2.29) support held up. They will again try to push the price above the resistance zone between $2.59 and $2.77. If they succeed, the TON/USDT pair could gain momentum and move towards the pattern target of $4.03.
This bullish outlook will be invalidated in the short term if the price continues to decline and breaks below the 20-day EMA. The pair could then plunge to $2.
Chainlink price analysis
On Nov. 8, Chainlink (LINK) hit $15, yet the bulls’ attempt to extend the rally on Nov. 9 was thwarted by the long wick on the candlestick, signifying crypto sell off at higher levels.
Therefore, the LINK/USDT pair might drop to the 50% Fibonacci retracement level of $13.24. If the price bounces off this level with force, the bulls will once again attempt to break through the resistance at $15. If successful, the pair may surge to $18.
Conversely, if the price slides below $13.24, it will indicate that traders are rushing to crypto sell off. This could open the door for a possible decline to the 20-day EMA ($11.94). This level is likely to be the scene of a fierce battle between the bulls and the bears.
Polygon price analysis
The MATIC/USDT pair recently broke above $0.70, leading to a rally in the Polygon (MATIC) crypto, but the up-move is facing selling near the overhead resistance at $0.89.
If the MATIC/USDT pair retraces to the 38.2% Fibonacci retracement level of $0.76 and rebounds off this level, it could complete a double bottom pattern with a target objective of $1.29. However, if the price falls below $0.76, the next stop could be $0.70, suggesting that the pair may continue oscillating inside the large range between $0.49 and $0.89 for a while longer.
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