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BlackRock’s application for the iShares Ethereum Trust is a clear indication of a new era for cryptocurrencies. The institutional demand can extend not only to Bitcoin but also to smart contract platforms, RWA solutions, and many other crypto categories. The preparations made by giants like Fidelity and BlackRock are a sign of the massive growth of crypto in the coming years.
Bitcoin (BTC)
Bloomberg Intelligence research analyst James Seyffart believes that the approval of a spot Bitcoin ETF is imminent within 2 months. According to him, this possibility is 90% likely, and the communication developed by the SEC with potential issuers confirms it. Mike Novogratz, the founder of Galaxy Digital, stated things that may seem like predictions but are what many experts think. According to him, institutional adoption will increase exponentially after the launch of BTC and ETH ETFs in 2024.
During Galaxy Digital’s third-quarter earnings call on November 9, Novogratz stated that the approval of ETFs has turned into a question of “when” rather than “if”.
Bitcoin surpassed the rising channel formation on November 9, but investors who have been waiting for profit-taking for a long time suddenly realized that their patience was running out. Despite the rapid sell-off that wiped out more than $2,000, investors who believe that the local bottom will not go deeper started buying again. The RSI has been trading in the overbought zone for the past few days, indicating that the bulls are still in control.
If the price continues to rise, the target for BTC is clearly $40,000. On the contrary, if the price returns to the channel, we will see an increase in profit-taking, and the price could drop to $34,240. At the time of writing, BTC is at $37,300.
Ethereum (ETH) Review
The psychological resistance has finally been broken. It was not possible after receiving support from BlackRock. The fact that the world’s largest asset manager has backed it is a very positive development for ETH. The recent rally pushed the RSI into the overbought zone, indicating that consolidation or a correction is possible after the local peak.
Sellers will try to halt the upward movement at $2,200. If ETH can hold above $2,000, the target could be $2,950 after surpassing the $2,200 barrier.
