The SEC has given its approval for several spot Ether exchange-traded funds (ETFs), but this decision did not have a significant impact on Ether or the overall crypto markets. It’s unclear if the ETF decision was already priced in, as Bitcoin’s price also dipped initially after the approval of spot Bitcoin ETFs, but eventually rebounded and reached a new all-time high.
According to Bloomberg ETF analyst Eric Balchunas, the approved spot Ether ETFs are expected to launch by mid-June and are projected to attract about 10-15% of the inflows seen by Bitcoin ETFs. Once money starts flowing into Ether ETFs, it is likely that the spot market will respond positively.
While Bitcoin remains in a sideways price action, Fundstrat Global Advisors managing partner and head of research Tom Lee remains optimistic, stating in an interview with CNBC that their base case for Bitcoin by the end of the year is $150,000.
Now, let’s analyze the charts of the top 10 cryptocurrencies to see if Bitcoin and select altcoins can rebound from their immediate support levels.
Bitcoin’s price has reversed from $71,979 and reached the moving averages, indicating that the bears are trying to keep the price within the range. If the price rebounds strongly from the moving averages, the bulls will attempt to push the BTC/USDT pair towards the overhead resistance at $73,777. A break and close above this level could pave the way for a rally to $80,000 and potentially $84,000. On the other hand, if the price breaks below the moving averages, it will suggest that the bulls have given up, and the pair may drop to the strong support at $59,600.
Ether’s price has dipped below the important level of $3,730, which the bulls need to defend. If the price remains below this level, the ETH/USDT pair could decline to the 20-day EMA at $3,313. However, a strong bounce off this level would indicate that the bulls are still buying on dips and they will make another attempt to overcome the resistance at $3,730. The bears are expected to put up a strong defense between $3,730 and $4,100, as a clear break above this zone could trigger a surge to $4,868.
BNB turned down from the resistance level of $635, suggesting that the bears are aggressively defending this level. The BNB/USDT pair has reached the moving averages, which will serve as an important support to watch. A strong bounce from the moving averages would indicate that the bulls are buying on minor dips and increase the chances of a break above $635. In that case, the pair could start a rally towards $692. However, if the price breaks below the moving averages and the $560 support, it would suggest that the pair may continue to trade within the range.
Solana turned down from $189, indicating that the bears are selling on rallies. The bulls bought the dip near the breakout level of $162 but have struggled to build upon it. Sellers are now attempting to push the price below $162, and if successful, the SOL/USDT pair may drop to $140. On the other hand, if the price rebounds from $162, it would signal that the bulls are trying to establish the level as support. To start a rally, buyers will need to overcome the barrier at $189, where the bears may pose a strong challenge.
XRP has been experiencing volatile moves near the moving averages, indicating a battle between the bulls and the bears. If the bears manage to pull the price below the moving averages and the support line, the XRP/USDT pair could drop to the crucial support at $0.46. This level is expected to attract strong buying by the bulls, leading to a potential rebound and further consolidation. To signal that the bears are losing their grip, buyers will need to clear the overhead hurdle at $0.57, which could trigger a rally towards $0.67 and eventually $0.74.
Dogecoin has been stuck between the 50-day SMA ($0.16) and the overhead resistance at $0.17. The bulls successfully defended the moving averages on May 23 and are attempting to push the DOGE/USDT pair above $0.17. If they succeed, the pair may start an upward move towards $0.21. On the other hand, if the bears defend the $0.17 level and push the price below the 20-day EMA ($0.16), the pair could slide to $0.13. Such a move would indicate that the pair will continue trading within the range of $0.12 to $0.17 for some time.
Toncoin bulls are struggling to initiate a bounce off the moving averages, indicating that the bears are maintaining their pressure. If the price continues to remain below the 50-day SMA ($6.12), the TON/USDT pair may start a downward journey to $5.57 and later to $4.72. The $4.72 level is expected to attract strong buying by the bulls, which could keep the price range-bound between $4.72 and $7.67 for some time. The next trending move will likely occur on a break above $7.67 or a drop below $4.72.
Cardano’s price action has formed a symmetrical triangle pattern, indicating indecision between the bulls and bears. The flattish 20-day EMA ($0.47) and the RSI just below the midpoint suggest that the ADA/USDT pair may remain inside the triangle for a while. If the price stays below the 20-day EMA, the bears will attempt to push the pair below the triangle, potentially diving to the next support at $0.35. However, if the price turns up from the current level, the bulls will try to drive the pair above the resistance line, which could lead to a rally towards $0.57 and eventually $0.62.
Avalanche turned down and fell below the breakout level of $40, indicating that bears are active at higher levels. However, the bulls have managed to prevent the price from slipping below the moving averages. If the price turns up from the current level and breaks above $42, it will suggest a change in sentiment from selling on rallies to buying on dips. The AVAX/USDT pair could then surge to $50. Conversely, if the price breaks below the moving averages, selling pressure could increase, and the pair may drop towards $34 and later $29.
Shiba Inu re-entered the symmetrical triangle pattern, indicating a lack of demand at higher levels. The moving averages are flat, and the RSI is near the midpoint, suggesting a neutral situation. The sellers will have to sink the price below the support line to gain an advantage. If they succeed, the SHIB/USDT pair could move down to the 78.6% retracement level of $0.000017. On the upside, the bulls need to drive the price above $0.000027 to clear the path for a rally to the $0.000030 to $0.000033 resistance zone.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and make informed decisions when it comes to investing and trading.