Last Tuesday, Bitcoin led other crypto assets to post gains when news broke that crypto asset management company Grayscale had secured a court victory against the United States Security and Exchange Commission. However, on Friday, the cryptocurrencies lost their gains following the regulator’s announcement that it was delaying its decision regarding the spot Bitcoin ETF (exchange-traded Funds) filings submitted in mid-July.
Developments around Bitcoin ETFs have been the main driver of crypto rallies over the past few weeks. ETF analysts at Bloomberg remain optimistic that a spot Bitcoin ETF approval could come before this year ends. On August 30, Eric Balchunas, Bloomberg’s ETF expert, wrote on his X account that the possibility of a spot Bitcoin ETF approval had jumped to 75% from 65%.
Meanwhile, the bulls could face a tough battle in September, bearing in mind that this month has always been dominated by the bears since 2017. Now, let’s find out the major support levels to which the bears are likely to drag top cryptocurrencies in case history repeats itself in 2023.
Bitcoin Price Analysis
On Friday, Bitcoin lost its gains posted on Tuesday after the bulls gave up the support at the 20-day EMA (Exponential Moving Average) of $26,903, causing a massive sell-off that pulled the coin to $26,083 as of Monday Morning. Bitcoin is expected to stay longer in the $24,754 – $31,036 range. This means the bulls will purchase the dip at $24,754 while the bears will continue to take profit at $31,036. However, if the buyers sustain BTC’s price above $31,036, the doors for a rally to $32,589 will open up. On the other hand, if $24,754 cracks, a drop to $19,467 is expected.
Ethereum Price Analysis
ETH has been relatively stable since it touched the support at $1,607.46 and reversed on September 1. The token’s price has ranged between $1,629 and $1,636 over the past two days. Based on the Relative Strength Index (61.16), the bulls are at an advantage. Therefore, they may continue the recovery toward the 20-day EMA of $1,698. Sustaining Ethereum’s price above this level could help the crypto asset retest the $1,744.82 resistance level. On the negative side, we may witness the second-biggest token hit $1,551.30 when $1,607.46 cracks.
BNB Price Analysis
The bears won the battle at the $221.05 support level, dragging BNB to its current price of $214.89. If the token continues plummeting and eventually reaches $198.86, any price below this level could motivate the sellers to pull BNB down to $165.89. On the contrary, starting recovery at $198.86 may help the bulls push the cryptocurrency’s price to the 20-day EMA of $223.06 or even to the 50-day SMA (Simple Moving Average) of $234.89.
XRP Price Analysis
XRP has traded below the $0.50017 support for the better part of the weekend. However, as of this writing, the bulls have managed to thrust the token above that key level. Still, the Relative Strength Index (41) shows the selling pressure hasn’t cooled off yet, meaning the bears may attempt to tug XRP below $0.50017 again. If they sustain the token below this price, it may head toward the $0.41726 support level, where buying activity is expected to intensify. A rebound from $0.41726 may push XRP to $0.56834, where the bears are likely to book profits.
Toncoin Price Analysis
While other top altcoins have posted minimal losses and gains over the last seven, TON is up 27%, according to data from CoinGecko. The current uptrend is attributed to recent developments within the crypto project’s ecosystem. On Friday, the bears made an effort to stall Toncoin’s rally at $1.78, but the bulls came out stronger, pushing the digital currency’s price to $1.89 at press time. If TON crosses above $1.94, it may continue with the upward move to reach $2.36. Conversely, a reverse from $1.94 could sink the token to $1.51 and later to $1.37.
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