BlackRock's Ethereum Trust Fuels Expectations for Ether ETF: A Glance at Top 10 Cryptocurrencies
Summary:
BlackRock's registration of the iShares Ethereum Trust has spurred hopes of its potential application for an Ether spot exchange-traded fund. The approval of Bitcoin and Ether ETFs could boost institutional adoption in 2024, according to Galaxy Digital's Mike Novogratz. Market trends of top 10 cryptocurrencies including Bitcoin, Ether, BNB, XRP, Solana, Cardano, Dogecoin, Toncoin, Chainlink, and Polygon are also explored.
BlackRock's registration of the iShares Ethereum Trust has raised hopes that the financial management giant might apply for an Ether (ETH) spot exchange-traded fund, demonstrating that BlackRock's interest in cryptocurrency extends beyond Bitcoin (BTC). Market pundits are becoming increasingly hopeful that spot Bitcoin ETFs will receive approval from the US Securities and Exchange Commission by 2024. James Seyffart, a research analyst at Bloomberg Intelligence, suggested through a X (formerly Twitter) post that there's a 90% chance of the regulator approving a spot Bitcoin ETF by January 10 next year. Showing the daily cryptocurrency market performance, it comes from Coin360.
Mike Novogratz, founder of Galaxy Digital, posits that the endorsement of Bitcoin and Ether ETFs will stimulate institutional adoption throughout 2024. During a Q3 earnings call for his company on November 9, Novogratz displayed certainty that ETF approvals are imminent. Nevertheless, it raises the question of whether expectations for ETF approvals can maintain the Bitcoin rally and select altcoins, or if profit booking will occur.
In the news of top 10 cryptocurrencies, Bitcoin saw a rising trend but witness profit booking at higher levels. It remains to be seen if current rebound persists, the buying efforts could push BTC/USDT pair to $40k again. Conversely, a price dip could pull it down to a crucial level of a 20-day exponential moving average ($34,240) to be closely watched.
For Ether, it marked a sharp ascent above a resistance level of $2,000 on November 9, indicating furious buying by bulls. However, an imminent consolidation or correction is suggested by a propelled RSI into the overbought zone.
The dip in BNB (BNB) was bought by the bulls, indicating a sustained buyer attraction at lower levels. Bulls would aim to nudge the price above the resistance of $265, which if successful, it could rise to $285 and then aim for a rally to $310.
In XRP's case, it suffered a break below the immediate support level of $0.67 on November 6. This implies profit booking by bulls. However, the rising 20-day EMA ($0.61) and the RSI in the positive zone hint that the bulls still have the edge.
For Solana (SOL), nudging above $48 resistance and maintaining there signals a new uptrend, potentially rising to $60. Overbought RSI presents risks of correction or consolidation.
Regarding Cardano (ADA), despite piercing the overhead resistance of $0.38, the market rejected the higher levels. For Dogecoin (DOGE), investors appear undecided, resulting in a wild swing on November 9.
For Toncoin (TON), the price plummeted sharply and slipped below $2.59 after closing above that on November 8. For Chainlink (LINK), the long wick on the candlestick on November 9 implies selling at higher levels.
Lastly, Polygon's (MATIC) rally has been gathering momentum after breaking above $0.70, but it's meeting selling resistance near the overhead level of $0.89.
This article should not be treated as investment advice or recommendations. There are risks associated with each investment and trading move, and readers must conduct their own diligent research before making decisions.
Published At
11/10/2023 5:40:33 PM
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