After a brief rally on Tuesday last week, the crypto market has seen losses over the past few days. The price drop is largely fueled by the United States Securities and Exchange Commission’s move to delay its verdict regarding the seven spot Bitcoin ETF (exchange-traded fund) applications.
Financial analysts at JPMorgan believe that despite the delay, the commission will eventually give the green light to a number of Bitcoin ETFs.
Until then, it is unclear where crypto prices will head in the short term. The uncertainty, however, has not prompted long-term Bitcoin investors to sell their holdings. Data from Glassnode indicates that 40.5% of the addresses holding BTC have not transferred the coin to centralized exchanges over the last three years. This suggests that holders are optimistic about a bull run in the future.
That said, what are the main levels to monitor on various price charts in the short term? We analyze the charts to find out.
Bitcoin Price Analysis
BTC remains stuck in the $24,804 – $30,897 range. Usually, when a crypto asset trades within a range, the bears book profits near the resistance level, and the bulls buy the dip near the support level.
There will be a tough fight between the buyers and sellers when Bitcoin reaches $24,804. If the buyers fail to protect the level, there is a chance the coin could hit the $20,035 support level after breaking below the $23,987 minor support.
Meanwhile, a break above the 50-day SMA (Simple Moving Average) of $28,345 may push BTC to $30,897, but there is little to zero chance this barrier will be broken.
Ethereum Price Analysis
ETH traded below the $1,626.93 strong support at the start of the month, but the bulls have thrust the token to $1,630.46 as of this writing. Although they are attempting to stage recovery, the Relative Strength Index (41.84) shows that the bears have a slight advantage. If they capitalize on it and pull Ethereum below $1,600.34, the token’s price could reach $1,556.21 for the first time since March. Conversely, sustaining ETH above the 20-day EMA (Exponential Moving Average) of $1,684.53 could push the crypto asset toward the $1,743.56 resistance level.
BNB Price Analysis
Over the last few days, BNB has traded below the $220.34 crucial support level. However, the sellers haven’t managed to cause a significant price drop. The token is now selling for $214.22. The bears’ failure to strengthen their position may encourage the bulls to fuel a rebound. If they can sustain BNB above $220.34, the crypto asset could head toward the $240.05 resistance level. Overcoming this hurdle could signal the end of a downward trend, and BNB may rise to retest $263.87.
Conversely, a price below $200.21 would suggest that the bears are looking to strengthen their advantage and may tug BNB to $183.55.
XRP Price Analysis
The bulls haven’t stopped defending the $0.50024 support level. They are now trying to push XRP above the 20-day EMA of $0.53066. Their success will signal a comeback and may attempt to cause a rally to the $0.56284 resistance. Defeating the sellers at this level will allow the buyers to thrust XRP to $0.65031. Conversely, letting go of $0.50024 will encourage the sellers to tug the token to $0.41379.
Toncoin Price Analysis
TON bulls couldn’t overcome resistance at $1.95 on September 2. Their failure caused the token to reach $1.75 as of Wednesday morning. If it reaches the 20-day EMA of $1.60 and the buyers are unable to defend the level, the sellers will first drag TON to $1.54 before pulling it further to the 50-day SMA of $1.39.
On the positive side, a rebound at $1.60 may cause the crypto asset to retest $1.95 and then rise to $2.08.
Solana Price Analysis
SOL bears are resisting the bulls’ attempt to stage a recovery at $20.01. With the token now trading below this crucial level, it may collapse to $18.29 and later to $16.73. On the contrary, a price above $20.01 could help Solana reach $22.36, where strong resistance is accepted.
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