The news of BlackRock registering the iShares Ethereum Trust has sparked optimism that the asset manager may eventually apply for an Ether (ETH) spot exchange-traded fund, indicating that their cryptocurrency aspirations are not limited to Bitcoin (BTC). This news comes amidst increasing hopeful prospects for spot Bitcoin ETFs being greenlighted by the United States Securities and Exchange Commission in 2024. Bloomberg Intelligence research analyst James Seyffart stated 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.
The potential approval for a Bitcoin ETF followed by an Ether ETF is expected to boost institutional adoption in 2024, as stated by Galaxy Digital founder Mike Novogratz. During Galaxy Digital’s third-quarter earnings call on Nov. 9, Novogratz expressed confidence that ETF approval “is now not a matter of if but when.” The expectations regarding ETF approvals could have a significant influence on the rally in Bitcoin and select altcoins, as it signifies a growing acceptance and recognition of cryptocurrency in the mainstream financial market.
Bitcoin, the leading cryptocurrency, experienced a surge that propelled it above the ascending channel pattern on Nov. 9. However, profit-booking ensued at the higher levels, as indicated by the long wick on the candlestick. The current rebound in Bitcoin price is crucial, as it will determine whether the buyers can maintain the momentum and push it back to $40,000, or if a rejection of the higher levels will result in a decline towards the 20-day exponential moving average. Similarly, Ether skyrocketed above the psychological resistance of $2,000 on Nov. 9, signaling an aggressive buying stance by the bulls. However, the overbought territory of the RSI suggests a potential consolidation or correction, with sellers aiming to weaken the momentum by pulling the price below $2,000.
Other major cryptocurrencies such as BNB, XRP, Solana, Cardano, Dogecoin, Toncoin, Chainlink, and Polygon exhibited distinct price movements and resistance levels, indicating a mix of buying pressure and profit-booking. The ongoing price analysis of various cryptocurrencies presents both opportunities and risks for traders and investors, with each coin facing critical support and resistance levels that will determine their short-term and long-term trajectories.
As the cryptocurrency market continues to evolve and face regulatory developments, it is essential for readers and market participants to conduct their own research and exercise caution when making investment and trading decisions. This article does not contain investment advice or recommendations, and every investment and trading move involves risk.