Price analysis 11/10: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC
News of BlackRock registering the iShares Ethereum Trust increased expectations that the asset manager may eventually apply 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 observers are increasingly optimistic that spot Bitcoin ETFs will be greenlighted by the United States Securities and Exchange Commission in 2024. Bloomberg Intelligence research analyst James Seyffart said on X (formerly Twitter) that there is still a 90% possibility that the regulator will approve a spot Bitcoin ETF by Jan. 10 of the next year.
Galaxy Digital founder Mike Novogratz believes that the approval of the Bitcoin ETF, followed by the Ether ETF, will boost institutional adoption in 2024. During Galaxy Digital’s third-quarter earnings call on Nov. 9, Novogratz exhibited confidence that approval for ETFs “is now not a matter of if but when.”
Could the expectations regarding ETF approvals sustain the rally in Bitcoin and select altcoins, or will profit-booking set in?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin shot up above the ascending channel pattern on Nov. 9, but the higher levels witnessed profit-booking as seen from the long wick on the candlestick.
The relative strength index (RSI) has been trading in the overbought territory for the past several days, indicating that the bulls have maintained the buying pressure. If the current rebound sustains, the buyers will try to propel the BTC/USDT pair to $40,000 again.
On the contrary, if the price dips back into the channel, it will indicate that markets have rejected the higher levels. That could pull the price down to the 20-day exponential moving
Read more on cointelegraph.com
