Price Analysis November 14th – BTC, ETH, BNB, XRP, ADA, and SOL
Late last week, asset manager BlackRock registered its iShares Ethereum Trust, raising hopes that the company will eventually submit an application for Ethereum spot ETF (Exchange-Traded Fund) to the United States Securities and Exchange Commission (SEC). Moreover, this shows BlackRock’s crypto ambitions are not just limited to the oldest digital currency, Bitcoin.
ETF analysts are now more optimistic that the SEC will approve the Bitcoin spot ETFs early next year. Among them is James Seyffart. The ETF guru wrote on X yesterday that there was a 90% probability that the commission would give a green light to spot ETFs by January 10, 2024.
Mike Novogratz, the Galaxy Digital founder, believes a Bitcoin spot ETF approval will fuel institutional adoption next year. Novogratz is also betting on the SEC to approve the ETFs in early 2024.
Now, will growing expectations around ETF approvals cause Bitcoin to rally further, or should we expect traders to start booking profits? Let’s examine price charts to find out.
Bitcoin Price Analysis
Until yesterday, Bitcoin had been trading between $36,800 and $37,698. However, these high levels have attracted the bears, who seem to be booking profits but without exacting massive selling pressure. BTC now trades at $36,362. The Relative Strength Index (57.92) still shows the bulls are at an advantage. That said, if Bitcoin reaches $36,092 and rebounds, we might see the coin crossing above $37,678 and then rallying to $40,127.
On the negative side, any slip below $36,092 could cause BTC to touch the 20-day Exponential Moving Average (EMA) of $34,183.
Ethereum Price Analysis
ETH’s value is still above the $2,008.08 major resistance, suggesting that the bulls are looking to stage a second rally. If Ethereum bulls defeat the bears at $2,195.87, the token could surge to $3,000.27 as there are no major resistance levels in between. For the bears to take over from the bulls, they will have to tug Ethereum below $2,000.08. Achieving this will allow them to drag the digital currency to the 20-day EMA of $1,856.02 and then to $1,749.45.
BNB Price Analysis
Lower prices are now seen as opportunities for buying the dip by BNB bulls. That was evidenced earlier today when the token hit the support at $238.04. BNB trades at $244.50 as of this writing. The buyers will now attempt to push the crypto asset above $250.92 to increase the possibility of a rally to $267.04. If this hurdle is conquered, we anticipate BNB to retest $284.98. Contrary to this assumption, the fourth-largest cryptocurrency is likely to slide to the 20-day Exponential Moving Average of $233.86 if $238.06 cripples.
XRP Price Analysis
XRP has kept falling since reversing from $0.7398547 last week. It now trades below the major support of $0.6800382, suggesting that traders are actively booking profits. If XRP’s value continues declining and eventually reaches the 20-day EMA of $0.6200019, any break below this level might lead to a massive dip to the 50-day Simple Moving Average of $0.5189281. However, a rally to $0.8499452 could become a reality if XRP crosses above $0.6800382, as it would signal the bulls’ comeback.
Solana Price Analysis
SOL has traded above $50 since Friday. If the bulls can sustain this token above that level over the coming days, the chances of a price growth to $61.80 will increase. However, the rally to $61.80 won’t come without challenges, considering that the Relative Strength Index is almost entering the overbought zone. If it does enter, SOL may be subject to price correction before an upward move happens. Meanwhile, we are looking at a drop to $38.47 if bears sustain SOL below $50.
Cardano Price Analysis
Prices above the $0.3890327 resistance level are attracting profit booking. ADA has dropped to $0.3692303 at press time. Intense selling pressure may pull the token to the 20-day Exponential Moving Average of $0.3307264. On the positive side, a sustained rally above $0.3890327 could cause Cardano to reach $0.4280453 and even $0.4621690.
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