Binance coin (BNB) has shown a rapid recovery in the last few days, reaching $630 just yesterday. The altcoin was trading at $570 on the 20th of the month but is now trading around $619 after a slight dip.
Network Updates in BNB
Despite the exchange’s legal issues in the US and Nigeria, the rise in BNB’s price yesterday clarified the demand for this cryptocurrency. BNB is among the top five cryptocurrencies due to its high market value and is the native token of Binance, the largest centralized exchange. The bullish sentiment in the crypto market has helped BNB’s price rise. However, two significant factors stand out following this rise: Binance network development updates and the excitement around the Ethereum ETF in the market.
Ethereum Spot ETF has faced strong rejection prospects for months, but Bloomberg analysts foresee very positive news that could create a greedy atmosphere in the market. Bloomberg ETF analyst James Seyffart predicted a 75% approval chance in an X post based on current hints regarding the SEC’s decision day. Investors expect a rise in BNB’s price with the anticipation of Ethereum ETF approval this Thursday.
Price Analysis in BNB
However, the possibility of rejection could drop the BNB price from its current high to $550. Analysts have opened leveraged long positions worth $60 million at a price level of $548.6 in the derivatives market. Both bulls and bears are active in the current position. Bulls are pushing purchases to reach resistance, but bears are increasing sales to find support. Moreover, BNB price charts show an asymmetric triangle pattern with lower highs and higher lows. Consequently, the price of BNB could target $650 but may correct down to $600.
