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 <p class=""><strong>The SEC’s approval of spot Ether ETFs has not triggered a rally in the Ether market or Bitcoin, though this may change in the coming weeks.</strong></p>
 <p class="">On 23 May, the United States Securities and Exchange Commission (SEC) approved several spot Ether exchange-traded funds. However, this decision did not lead to a surge in Ether or the broader cryptocurrency market. This raises the question of whether the market already anticipated the ETF approval. The initial reaction makes it difficult to determine, as Bitcoin’s price also fell immediately following the approval of spot Bitcoin ETFs, only to recover and reach a new all-time high after a few days.</p>
 <p class="">According to Bloomberg ETF analyst Eric Balchunas, the newly approved spot Ether ETFs are anticipated to launch by mid-June. He estimates that Ether ETFs will attract about 10-15% of Bitcoin ETFs’ inflows. As capital begins to enter Ether ETFs, a positive response in the spot market is expected.</p>
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   <figcaption class="wp-element-caption"><em>Crypto market data daily view. Source:</em><em>&nbsp;</em><em>Coin360</em>
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 <p class="">Although Bitcoin remains stuck in a sideways price action, Fundstrat Global Advisors managing partner and head of research Tom Lee remains uber bullish. In an interview with CNBC, Lee said their base case for Bitcoin&nbsp;by the end of the year is $150,000.</p>
 <p class="">Could Bitcoin and select altcoins rebound off their immediate support levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.</p>
 <h2 class="wp-block-heading" id="bitcoin-btc-market-analysis">Bitcoin (BTC) Market Analysis</h2>
 <p class="">Bitcoin reversed direction from $71,979 on May 21, and the price has reached the moving averages. This suggests that the bears try to keep the price inside the range.</p>
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   <figcaption class="wp-element-caption"><em>BTC/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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 <p class="">If the price rebounds off the moving averages with strength, the bulls will again try to push the BTC/USDT pair to the overhead resistance at $73,777. A break and close above this level could clear the path for a rally to $80,000 and then $84,000.</p>
 <p class="">On the other hand, if the price breaks below the moving averages, it will suggest that the bulls have given up. The pair may then collapse to the strong support at $59,600. This level is likely to attract strong buying by the bulls.</p>
 <h2 class="wp-block-heading" id="ether-eth-market-analysis">Ether (ETH) Market Analysis</h2>
 <p class="">The long wick and tail on Ether’s May 23 candlestick show a tussle between the buyers and sellers.</p>
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   <figcaption class="wp-element-caption"><em>ETH/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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 <p class="">The price has dipped below $3,730, a significant level for the bulls to defend. If the price maintains below $3,730, the ETH/USDT pair could decline to the 20-day EMA ($3,313). A strong bounce off this level will suggest that the bulls continue to buy on dips. The buyers will make one more attempt to overcome the obstacle at $3,730.</p>
 <p class="">The bears are expected to mount a vigorous defence in the zone between $3,730 and $4,100 because if this resistance is cleared, the pair could surge to $4,868.</p>
 <h2 class="wp-block-heading" id="bnb-market-analysis">BNB Market Analysis</h2>
 <p class="">BNB&nbsp;<a target="_blank" rel="noreferrer noopener">turned down from the stiff overhead resistance of $635 on May 21, indicating that the bears are aggressively defending the level.</a></p><a target="_blank" rel="noreferrer noopener">
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/25/9b027281591c7200ddd849da69f755f8.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>BNB/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The BNB/USDT pair has reached the moving averages, a critical support to watch out for. If the price bounces off the moving averages with strength, it will signal that the bulls are buying on minor dips. That will improve the prospects of a break above $635. The pair could then start its march toward $692.</p> <p class="">Instead, if the price breaks below the moving averages and the $560 support, it will suggest that the pair may extend its stay inside the range.</p> <h2 class="wp-block-heading" id="solana-sol-price-analysis">Solana (SOL) Price Analysis</h2> <p class="">Solana&nbsp;turned down from $189 on May 21, signalling that the bears are selling on rallies.</p>
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    <figcaption class="wp-element-caption"><em>SOL/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The bulls bought the dip near the breakout level of $162 on May 23 but could not build upon it. Sellers are again trying to sink the price below $162. The SOL/USDT pair may drop to $140 if they can pull it off.</p> <p class="">Conversely, if the price rebounds off $162, it will signal that the bulls are attempting to flip the level into support. Buyers will have to overcome the barrier at $189 to start a rally to $205, where the bears may pose a substantial challenge.</p> <h2 class="wp-block-heading" id="xrp-price-analysis">XRP Price Analysis</h2> <p class="">XRP&nbsp;has witnessed volatile moves near the moving averages, indicating a tough tussle between the bulls and the bears.</p>
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    <figcaption class="wp-element-caption"><em>XRP/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The bears will try to tug the price below the moving averages and the support line. If they manage to do that, the XRP/USDT pair could drop to the crucial support at $0.46. This level is expected to attract strong buying by the bulls. A strong rebound off $0.46 could extend the consolidation for some more time.</p> <p class="">Buyers must clear the overhead hurdle at $0.57 to signal that the bears are losing their grip. That may start a rally to $0.67 and eventually to the formidable resistance at $0.74.</p> <h2 class="wp-block-heading" id="dogecoin-doge-price-analysis">Dogecoin (DOGE) Price Analysis</h2> <p class="">For the past three days, Dogecoin&nbsp;has been stuck between the 50-day SMA ($0.16) and the overhead resistance at $0.17.</p>
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    <figcaption class="wp-element-caption"><em>DOGE/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The bears tried to pull the price below the moving averages on May 23, but the bulls held their ground. The bulls are again attempting to propel the DOGE/USDT pair above $0.17. If they can pull it off, the pair may start up to $0.21.</p> <p class="">Meanwhile, the bears are likely to have other plans. They will try to defend the $0.17 level and drag the price below the 20-day EMA ($0.16). If that happens, the pair could slide to $0.13. Such a move will suggest that the pair remains inside the $0.12 to $0.17 range for more time.</p> <h2 class="wp-block-heading" id="toncoin-ton-price-analysis">Toncoin (TON) Price Analysis</h2> <p class="">Toncoin bulls are struggling to start a bounce off the moving averages, suggesting that the bears have maintained their pressure.</p>
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    <figcaption class="wp-element-caption"><em>TON/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">If the price skids and maintains below the 50-day SMA ($6.12), it will signal that the TON/USDT pair may start a downward journey to $5.57 and later to $4.72. Buyers are expected to defend the $4.72 level fiercely. That could keep the price inside the $4.72 to $7.67 range for a few more days.</p> <p class="">The next trending move will begin on a break above $7.67 or below $4.72. Until then, random and volatile price action is likely to continue.</p> <h2 class="wp-block-heading" id="cardano-ada-price-analysis">Cardano (ADA) Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Cardano’s&nbsp;</a><a target="_blank" rel="noreferrer noopener">price action of the past few days has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.</a></p><a target="_blank" rel="noreferrer noopener">
  <div class="wp-block-image">
   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/25/e0e36055e3be46bcc7ca5010a6455563.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>ADA/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The flattish 20-day EMA ($0.47) and the RSI just below the midpoint suggest that the ADA/USDT pair may remain inside the triangle for a while. If the price remains below the 20-day EMA, the bears will try to tug the pair below the triangle. The pair may dive to the next support at $0.35 if they do that.</p> <p class="">Alternatively, if the price rises from the current level, the bulls will try to drive the pair above the resistance line. If they succeed, the pair may rally to $0.57 and then to $0.62.</p> <h2 class="wp-block-heading" id="avalanche-avax-price-analysis">Avalanche (AVAX) Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Avalanche&nbsp;</a><a target="_blank" rel="noreferrer noopener">turned down and fell below the breakout level of $40 on May 23, indicating that bears remain active at higher levels.</a></p><a target="_blank" rel="noreferrer noopener">
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/25/a0b6f83d19121012f8788ce9ec77ef71.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>AVAX/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">A minor advantage for the bulls is that they have not allowed the price to slip below the moving averages. If the price turns up from the current level and breaks above $42, it will suggest a change in sentiment from selling on rallies to buying on dips. The AVAX/USDT pair could then surge to $50.</p> <p class="">Contrarily, selling could pick up if the price breaks below the moving averages, and the pair may plummet toward $34 and then $29.</p> <h2 class="wp-block-heading" id="shiba-inu-shib-price-analysis">Shiba Inu (SHIB) Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Shiba Inu&nbsp;</a><a target="_blank" rel="noreferrer noopener">re-entered the symmetrical triangle pattern on May 23, indicating a lack of demand at higher levels.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em>SHIB/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The flattish moving averages and the RSI near the midpoint do not clearly favor the bulls or the bears. The sellers must sink the price below the support line to gain the upper hand. If they do that, the SHIB/USDT pair could reach the 78.6% retracement level of $0.000017.</p> <p class="">On the upside, the bulls will have to drive the price above $0.000027 to clear the path for a rally to the $0.000030 to $0.000033 resistance zone.</p> <h4 class="wp-block-heading">Source – Rakesh&nbsp;Upadhyay</h4> </a>
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<p><a target="_blank" rel="noreferrer noopener">Source: </a><a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/latest-market-overview-24th-may-btc-eth-bnb-sol-xrp-doge-ton-ada-avax-shib-tbt89746.html">https://thebittimes.com/latest-market-overview-24th-may-btc-eth-bnb-sol-xrp-doge-ton-ada-avax-shib-tbt89746.html</a></p>

Latest Market Overview 24th May: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

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