. Daily Crypto Analysis - 3% Surge Despite SEC's ETF Postponement.

Daily Crypto Analysis – 3% Surge Despite SEC’s ETF Postponement.

Daily Crypto Analysis – 3% Surge Despite SEC’s ETF Postponement.

16 Nov 2023

Introduction:

In the world of cryptocurrencies, Ethereum defies regulatory uncertainties as its price rises by 3% despite the SEC delaying Grayscale’s ETF application. Analysts suggest Grayscale’s strategic move might set a precedent for spot ETH ETF approval. Meanwhile, Ethereum faces hurdles amid a market rebound, with SEC scrutiny posing a significant challenge. In other developments, Bitcoin surpasses $38,000, marking a notable 5% increase in the past week, while Dogecoin aims to breach the critical resistance at $0.0786 in its fourth attempt, targeting $0.0850.

ETHEREUM:

Despite the SEC’s postponement of Grayscale’s application to convert the Ethereum Trust into an ETF, the price of Ethereum rose by 3%.

Ethereum price surged, securing the $2,000 level as support. The SEC, deferring its decision on Grayscale’s application to transform the Ethereum futures trust into an ETF, suggests a strategic move by Grayscale to potentially set a precedent for the approval of a spot ETH ETF, according to analyst James Seyffart.

Ethereum price saw increases in the last day, aligning with the broader market’s recovery from losses observed the previous day. Nevertheless, ETH may encounter obstacles in this rebound, with the primary challenge stemming from regulatory scrutiny by the SEC.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 2032.60 | Positive Crossover | Bullish
  • MA 20: 2013.98| Positive Crossover | Bullish
  • MA 50: 1940.47| Positive Crossover | Bullish

Simple:

  • MA 5: 2024.18 | Positive Crossover | Bullish
  • MA 20: 2041.65| Negative Crossover | Bearish
  • MA 50: 1929.30| Positive Crossover | Bullish

RSI (Relative Strength Index): 56.91| Buy Zone |Bullish

Stochastic Oscillator: 54.28| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 2052.68| R2: 2133.75
  • S1: 1978.84| S2: 1893.42

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 2071.50 | Take Profit: 2133.75 | Stop Loss: 2033.86.

Elsewhere In the Crypto Market

Bitcoin has exceeded the $38,000 mark for the first time in 17 months, indicating a substantial 5% increase within the past week. The Doge coin price is embarking on its fourth endeavor to surpass the crucial resistance level at $0.0786, aiming for a target of $0.0850.

Bitcoin down (1.3%) at 37,386.00, Ethereum down (0.72%) at 2,045.1, Litecoin down (1.13%) at 73.23, Solana up (11.44%) at 65.91, Doge coin up at (4.01%) at 0.79 as of writing time.

Key Economic Events & Data Release Today:

(EUR) ECB President Lagarde Speaks at 17:00.

(USD) Initial Jobless Claims Forecast 220K, Previous 217K at 19:00.