News of BlackRock’s registration of the iShares Ethereum Trust has increased expectations that the asset manager could eventually file for an Ether (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 watchers are increasingly optimistic that spot Bitcoin ETFs will receive the green light from the U.S. Securities and Exchange Commission in 2024. Bloomberg Intelligence research analyst James Seyffart said on X (formerly Twitter) that there is still a 90% chance that the regulator will approve a Bitcoin ETF spot before January 10 next year.
Galaxy Digital founder Mike Novogratz believes that the approval of the Bitcoin ETF, followed by the Ether ETF, will drive institutional adoption in 2024. During Galaxy Digital’s third quarter earnings call on the 9th November, Novogratz expressed confidence that the approval of ETFs “is now not a question of if but when.”
Could expectations for ETF approval support the rally in Bitcoin and some altcoins, or will profit accounting take hold?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin climbed above the ascending channel pattern on November 9, but higher levels witnessed profit booking, as shown by the long wick of the candlestick.
The Relative Strength Index (RSI) has been trading in overbought territory for several days, indicating that the bulls have maintained buying pressure. If the current rebound continues, buyers will once again attempt to push the BTC/USDT pair to $40,000.
On the contrary, if the price falls back into the channel, it will indicate that the markets have rejected higher levels. This could push the price down to the 20-day exponential moving average ($34,240), an important level to watch. A break below this level will tilt the short-term advantage in favor of the bears.
Ether Price Analysis
Ether climbed above the psychological resistance at $2,000 on November 9, indicating aggressive buying by the bulls.
The recent rally has pushed the RSI into overbought territory, suggesting that a consolidation or correction may be imminent. Sellers will try to stop the rise at $2,200, but if they want to weaken the momentum, they will need to bring the price back below $2,000.
Conversely, if the ETH/USDT pair rises above $2,200, it will open the door for a potential rise to $2,950 as there is no significant resistance between the two.
BNB Price Analysis
Bulls bought the dip in BNB (BNB) on November 9, indicating that lower levels continue to attract buyers.
The bulls will attempt to push the price above the overhead resistance at $265. If they succeed, the BNB/USDT pair could climb as high as $285 and then attempt a rally to $310. This level is likely to pose a significant challenge for the bulls.
Crucial support on the downside is the 20-day EMA ($235). Sellers will need to drop the price below this level to gain the upper hand. The pair could then collapse to the 50-day SMA ($220).
XRP Price Analysis
XRP (XRP) rose from $0.74 on November 6 and fell below immediate support at $0.67 on November 9. This suggests profit booking by the bulls.
The rising 20-day EMA ($0.61) and RSI in positive territory indicate that the bulls have the upper hand.
If price pulls back from the 20-day EMA, it will suggest that sentiment remains bullish and traders view declines as a buying opportunity. This improves the prospects of a break above $0.74. The XRP/USDT pair could then rise to $0.85.
Contrary to this assumption, a break below the 20-day EMA could deepen the correction to the next support at $0.56.
Solana Price Analysis
Solana (SOL) broke above the $48 overhead resistance on November 9 and followed with a sharp move above the overhead resistance on November 10.
If the SOL/USDT pair holds above $48, it will signal the start of the next leg of the uptrend. The pair could then rise to $60.
The upside risk comes from the overbought level of the RSI. This suggests that the rally is overextended in the short term and is ripe for a correction or consolidation. The longer the price remains in overbought territory, the greater the possibility of a sharp pullback. A fall below $48 will be the first sign that the bulls may be losing their grip.
Cardano Price Analysis
Cardano (ADA) broke above resistance at $0.38 on November 9, but the long candlestick wick shows that markets have rejected higher levels.
The bulls will again attempt to push and hold the price above the overhead resistance. If they succeed, the ADA/USDT pair could rise to $0.42 and then to $0.46. Buyers could face formidable resistance at $0.46.
Alternatively, if the price declines by $0.38, it could slide to the 20-day EMA ($0.32). This remains the critical level to monitor in the event of a decline. A strong rebound could maintain the advantage for buyers, while a break below could indicate limited action in the near term.
Dogecoin price analysis
Dogecoin (DOGE) oscillated wildly on November 9, as shown by the long wick and tail of the candlestick. This suggests indecision among bulls and bears.
A minor positive is that the bulls have not given up much ground to the bears. This suggests that bulls expect the rally to continue. There is a tough hurdle at $0.08, but if this hurdle is cleared, the DOGE/USDT pair could reach $0.10.
If the bears want to make a comeback, they will need to bring the price back below the 20-day EMA ($0.07). The breakdown suggests that the pair could consolidate in a wide range between $0.08 and $0.06 for some time.
Related: Bitcoin ‘terminal price’ suggests BTC’s next all-time high is at least $110,000
Toncoin price analysis
Toncoin (TON) closed above $2.59 on November 8, but the bulls were unable to sustain the higher levels. The price declined sharply and returned below $2.59 on November 9.
A slight advantage in favor of the bulls is that the 20-day EMA support ($2.29) remained to the downside. The bulls will once again attempt to propel the price above the overhead resistance zone between $2.59 and $2.77. If they succeed, the TON/USDT pair could gain momentum and move closer to the $4.03 target.
This bullish view will be invalidated in the short term if the price continues to decline and breaks below the 20-day EMA. The pair could then fall to $2.
Chain Link Price Analysis
Chainlink (LINK) reached $15 on November 8 and the bulls attempted to extend the rally on November 9, but the long wick on the candlestick shows selling at higher levels.
The LINK/USDT pair could slide to the 50% Fibonacci retracement level of $13.24. If the price rebounds strongly from this level, the bulls will once again attempt to overcome the hurdle at $15. If they succeed, the pair could reach $18.
On the downside, if the price falls below $13.24, it will suggest that traders are rushing for the exit. This could open the door for a possible decline to the 20-day EMA ($11.94). This level is expected to once again witness a fierce battle between the bulls and the bears.
Polygon Price Analysis
Polygon (MATIC)’s rally accelerated after breaking above $0.70, but the upward move risks selling off near overhead resistance at $0.89.
The price could fall to the 38.2% Fibonacci retracement level of $0.76. If the price rebounds from this level, it will improve the prospects of a rally above $0.89. If this happens, the MATIC/USDT pair will achieve a double bottom pattern. This bullish setup has a target objective of $1.29.
Conversely, if the price breaks below $0.76, the next stop could be $0.70. Such a deep correction would suggest that the pair could continue to oscillate in the wide range between $0.49 and $0.89 for some time to come.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.