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Ethereum took $2100, heading towards $2500

24 November 2023 Written by Alex Kuptsikevich  FxPro Senior Market Analyst Alex Kuptsikevich

The crypto market continues to move higher, adding another 0.8% overnight to $1.44 trillion as Greed stays as a major driver right now, according to a popular sentiment indicator. Friday morning saw a fresh test of the $38K level for Bitcoin. It failed, but we continue to see the persistence of growth attempts and less and less deep retreats from local peaks. The dynamics of November lead us to believe that the chances of the price rising by another 2.5K and exceeding the $40K level are higher than the chances of it falling by the same amount to $35K.

Ethereum crossed the $2100 level, returning to the peak set on 10 November. There was a classic Fibonacci retracement with a 61.8% pullback from the initial rally. Breaking through the $2135 level will set up the main scenario of a 161.8% growth, which in this case is close to $2500.

Friday morning saw a fresh test of the $38K level for Bitcoin

News background

The SEC and BlackRock held a meeting to discuss the details of a spot bitcoin ETF. According to the memo, the management company showed a presentation outlining two possible redemption mechanisms for its iShares Bitcoin Trust. Grayscale updated the GBTC application to convert to an ETF and changed the ticker symbol to BTC. Bloomberg saw this as another sign of the company's ongoing negotiations with the SEC. The SEC has no reason to prevent the launch of a spot bitcoin ETF, said SEC Commissioner Hester Pearce, known for her positive attitude towards cryptocurrencies.

Ethereum crossed the $2100 level, returning to the peak set on 10 November

The agreements between Binance and the US authorities are favourable as they neutralise the systemic risk to the industry from a hypothetical collapse of the platform, JPMorgan said. Nansen said the market's reaction to the Binance scandal and Changpeng Zhao's guilty plea was muted. This event did not lead to a significant flight of capital from the cryptocurrency platform.

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