Price Analysis 10/02: BTC, ETH, and ETH BETA COINS!

Thursday marked a breakthrough as the U.S. SEC greenlit 11 bitcoin ETFs, a long-awaited win for the crypto sector. Big players like BlackRock, Ark Investments, Fidelity, Invesco, and VanEck got the nod, with BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust kicking off trading early. This regulatory clearance sparked a fierce competition among issuers, pushing them to slash fees for a slice of the ETF pie. Analysts foresee bitcoin ETF flows hitting over $10 billion in 2024, eyeing an ambitious $80 billion by next year’s close. The SEC’s move is anticipated to attract substantial institutional investments into crypto. Post-approval, stocks linked to cryptocurrencies, including bitcoin miners and exchanges, saw positive premarket shifts. However, as the ETFs started trading, the market experienced consolidation, with Bitcoin showing a pullback. Dive into today’s market analysis for more insights!



Bitcoin Market Analysis

On the first day the Bitcoin ETF started trading, there was quite a buzz. The price shot up by a whopping $4500 or a 10% jump from the range highs of $44,500, just before the New York session. Things got interesting when it hit $49,000. That’s where a bunch of limit sell orders got triggered, evident not just on the order books but also in the current price action. It looked like a swing failure pattern was in play.

Seems like $48,500 to $50,000 is a tough nut to crack for Bitcoin. Big sellers are hanging around there, seemingly determined to keep the price from going any higher. It’s like a battle zone, and these sellers are holding their ground, wanting to drive the price down. This lines up with the whole “sell the news” scenario related to the Bitcoin ETF. You know, that moment when people start selling right after some big news hits. It happens in different ways – sometimes right away, sometimes with a delay, and sometimes after a bit of a pause.

From a price action point of view, the good news is, as long as that support at $44,500 holds, there might be more room for the price to go up. Right now, it seems like we’re in a range, bouncing between $44,500 and $49,000. Check out the chart below for a clearer picture.


Ethereum Market Analysis

So, Ethereum just pulled off one of its biggest pumps in the last couple of months. The price shot up from $2230 to $2560 as of now. That’s a cool $330 or roughly 16% spike since the last update on January 8, 2024, where the vibe was all bullish for ETH and ETHBTC.

What lit the fuse this time? Well, it’s all about the anticipation and talk around the ETH ETF. Word is, the decision time for this ETF thing is set for May 2024, right after Bitcoin’s halving. This has sparked a whole new story, and Ethereum and its Layer 2 (L2) seem to be enjoying the limelight. Plus, there’s a bunch of upgrades in the pipeline, like the Dencun Upgrade for Ethereum L2 that Vitalik Buterin recently flagged on the roadmap. This Dencun upgrade is like Ethereum’s next big makeover, aiming to make the whole system more efficient, secure, and scalable.

In terms of the price dance, ETH seems to be gearing up for a run towards $3000. It’s giving off vibes eerily similar to what BTC did before hitting $35,000. For those looking for a chance to dive in, any retest around $2450-$2300 could be a sweet spot to buy the dip, as long as that support holds its ground. Keep an eye on it!


Altcoin Watchlist:

Right now, altcoins are catching a better vibe than BTC as the buzz shifts from BTC ETF to ETH ETF. The image below shows some potential ETH beta plays, including L2, less fancy coins, and Dapps on the ETH network and its L2. Blur is taking the lead, closely followed by OP and ARB, known for being a top L2 on the ETH network. However, the weakest link in the chain seems to be Pendle. Keep an eye on these moves as things unfold!



BLUR is currently in focus with the upcoming launch of Blast L2 in Q1 2024. Pacman, the founder of both BLUR and Blast, mentioned the possibility of an airdrop of Blast tokens for BLUR holders during an X space discussion. This announcement attracted a significant return of BLUR farmers. Notably, wallet CBB0FE executed a substantial pump and dump across various collections, leading to its subsequent ban from BLUR. The wallet’s actions had a considerable impact on the NFT ecosystem, causing a major drop in the Bored Ape Yacht Club collection to 22 ETH per NFT. BLUR is currently at a critical price point, attempting to establish the $0.54-$0.56 range as support. A successful flip in this area could potentially drive the price up to $0.7, where the next significant resistance level awaits. Monitoring these developments is crucial for assessing BLUR’s trajectory.



In the prior analysis of ARB, it was pointed out that a crucial level to watch was $1.82, with a potential for a significant upward movement if that price point held. Fast forward to today, and Arbitrum is sitting at $2.24 – a hefty increase of about $0.42 or 23% from the $1.82 mark. The analysis suggests that with sustained momentum and volume, the path looks favorable for further upward movement, targeting $2.5 and $3. However, it’s essential to remain vigilant as a potential reversal cannot be entirely ruled out. Presently, there are no clear indications of a loss in momentum or signals pointing towards a reversal.






Looking at the ETH upgrade scene, OP seems to be trailing compared to Arbitrum, following a similar storyline. Unlike its counterpart ARB, there hasn’t been much traction in terms of progress within OP’s ecosystem. Right now, the price is grappling with a sturdy resistance at $4. If it manages to break through, there’s a chance for more upward movement, possibly reaching a new all-time high. However, caution is advised as it’s uncertain whether the resistance will be breached or if there’s a dip towards the pivot around $2.865. Keep an eye on these levels for a clearer picture.


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