The recent news of BlackRock registering the iShares Ethereum Trust has raised hopes that the asset manager might eventually apply for an Ether (ETH) spot exchange-traded fund. This is an encouraging sign as it indicates that BlackRock’s interest in cryptocurrencies extends beyond Bitcoin (BTC). There is also growing optimism that spot Bitcoin ETFs will receive approval from the United States Securities and Exchange Commission in 2024. Bloomberg Intelligence research analyst James Seyffart remains confident that there is a 90% chance that a spot Bitcoin ETF will be approved by January 10 of the next year.
Mike Novogratz, founder of Galaxy Digital, believes that the approval of the Bitcoin ETF, followed by the Ether ETF, will significantly boost institutional adoption in 2024. During Galaxy Digital’s third-quarter earnings call, Novogratz expressed confidence that approval for ETFs is now simply a matter of timing.
Despite the positive outlook for ETF approvals, questions remain about whether these expectations will sustain the rally in Bitcoin and select altcoins, or if profit-taking will set in.
Let’s analyze the charts of the top 10 cryptocurrencies to assess their potential market performance.
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Bitcoin (BTC) Analysis
On November 9, Bitcoin surged above the ascending channel pattern, only to experience profit-booking at higher levels. The relative strength index (RSI) has been consistently in the overbought territory, signaling strong buying pressure. If the recent rebound holds, buyers are likely to drive the BTC/USDT pair to $40,000. However, a dip back into the channel could indicate rejection of higher levels, potentially leading to a decline to the 20-day exponential moving average.
Ethereum (ETH) Analysis
Ethereum soared above the psychological resistance of $2,000, indicating aggressive buying by the bulls. The RSI has entered the overbought territory, suggesting a potential consolidation or correction. Sellers may attempt to halt the up-move at $2,200, but a surge above this level could pave the way for a further rise to $2,950.
Binance Coin (BNB) Analysis
The bulls demonstrated strong buying interest, as indicated by the bounce from lower levels. If they manage to drive the price above the resistance at $265, the BNB/USDT pair could rally to $285 and subsequently attempt a move to $310. However, the 20-day EMA remains a critical support level, and a break below it could shift the advantage in favor of the bears.
XRP (XRP) Analysis
XRP turned down from $0.74 and broke below the immediate support at $0.67. Despite this, the rising 20-day EMA and positive RSI indicate that the bulls maintain the upper hand. A rebound from the 20-day EMA could suggest bullish sentiment and potentially lead to a break above $0.74, with a possible climb to $0.85.
Solana (SOL) Analysis
After nudging above the overhead resistance of $48, Solana experienced a sharp move above the resistance, fueled by strong buying interest. However, the overbought RSI suggests an overextended rally and the potential for a correction or consolidation. A decline below $48 could indicate a bearish turn.
Cardano (ADA) Analysis
Cardano pierced the overhead resistance at $0.38 but faced rejection at higher levels. The bulls will aim to sustain the price above this resistance, with potential targets at $0.42 and $0.46. Alternatively, a downturn from $0.38 could lead to a slide to the 20-day EMA, a crucial level to monitor for potential price action.
Dogecoin (DOGE) Analysis
Amidst indecision among bulls and bears, Dogecoin swung wildly on November 9. The bulls have not ceded much ground to the bears, suggesting an expectation for continued recovery. Overcoming the $0.08 hurdle could lead to a potential rise to $0.10, while a retreat below the 20-day EMA may indicate a prolonged range-bound phase.
Toncoin (TON) Analysis
After struggling to maintain higher levels, Toncoin faces a challenge in maintaining support above $2.59. The 20-day EMA support held on the downside, with bulls aiming to propel the price above the resistance zone between $2.59 and $2.77. Failure to do so could signal a bearish turn.
Chainlink (LINK) Analysis
Following attempts to extend the rally, Chainlink experienced selling pressure near the overhead resistance at $15. Potential downside to the 50% Fibonacci retracement level of $13.24 may indicate a broader battle between bulls and bears.
Polygon (MATIC) Analysis
Despite picking up pace after breaking above $0.70, Polygon faces selling near the overhead resistance at $0.89. A potential dip to the 38.2% Fibonacci retracement level of $0.76 could influence the next price action, potentially leading to a rally above $0.89.
In conclusion, while expectations regarding ETF approvals may have an impact, market performance depends on various factors. Investors should conduct their own research and analysis before making any investment decisions. This article does not offer investment advice or recommendations, as every investment and trading move involves risk.
