BitWise filed an application with the SEC to create an ETF based on its 10 Crypto Index Fund. If approved, this would be the most diversified and extended crypto ETF in the US market.

Earlier this week, BitWise also filed for a Solana ETF with the SEC, following the applications of Canary Capital, VanEck, and 21Shares

BitWise is Looking to Expand its Crypto ETF Offerings

According to the filing, the fund includes Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap. BitWise has maintained this initial fund since 2018, correlating its value with the ten most highly valued cryptocurrencies.

“Remember when I was speculating that ADAs HUGE price movement was from someone purchasing ADA for an ETF? NYSE Arca just submitted a filing to the SEC to launch a Bitwise 10 Crypto Index Fund with Cardano as the fifth largest asset. I imagine Coinbase will follow, first of many,” influencer Big Pey posted on X (formerly Twitter).

BitWise joined the crypto ETF market earlier this year with its Bitcoin ETF (BITB). The firm was among the first ten applicants to file for an ETF with the SEC.

With the filing of this latest application, it seems like BitWise is looking to leverage the growing institutional appeal toward the broader crypto market. The firm also recently filed for an XRP exchange-traded product (ETP) in Europe.

The SEC officially acknowledged this submission, starting a countdown for the Commission to either reject or approve it. However, a deadline for deciding on this application has yet to be confirmed.

Overall, a new friendliness to the crypto industry is sweeping the US financial regulatory apparatus. Under Trump’s administration and a new SEC leader, the industry is likely to see more diverse ETFs being approved.

Recently, Ethereum (ETH) showed signs of falling below $3,000 but held firm as bulls defended the altcoin.

Now trading at $3,480, here’s what could be next for ETH.

Ethereum Still Has More Room to Grow

One metric that has consistently proven reliable for analyzing Ethereum is the Market Value to Realized Value (MVRV) ratio, a tool for assessing the profitability of holders and identifying potential market tops or bottoms. The MVRV ratio compares a cryptocurrency’s market value to its realized value, offering insights into whether the asset is overvalued or undervalued.

When the MVRV ratio rises, it indicates that more holders are in profit. However, if it climbs to an extreme high, it suggests the asset may be overvalued, increasing the risk of a price correction. Conversely, when the MVRV ratio declines, it points to reduced profitability.

If the ratio hits an extreme low, it signals undervaluation, which can present an attractive accumulation opportunity for investors. For ETH, the 30-day MVRV ratio has risen to 11.89%. However, this ratio is not close to the local top, which is usually around 18% and 22%. Therefore, this development suggests that Ethereum’s price.

Beyond the MVRV ratio, the Mean Dollar Invested Age (MDIA) also suggests that Ethereum may avoid a further price drop. MDIA measures the average age of all coins on a blockchain, weighted by their purchase price.

A rising MDIA indicates that coins are becoming more stagnant, reducing the likelihood of a significant price surge.

Conversely, a declining MDIA suggests that previously dormant coins are moving, signaling increased trading activity, which is the case with ETH. If this trend persists, it could boost Ethereum’s chances of a price rally.

ETH Price Prediction: $4,000 Could Be Coming

On the daily chart, Ethereum’s price has formed an inverse head-and-shoulders pattern. This pattern typically emerges after a prolonged downtrend, signaling a potential sellers’ exhaustion point.

The pattern comprises three key parts: the left shoulder, which marks the first uptrend; the head, signaling the end of the downtrend; and the right shoulder, indicating the rebound.

With ETH trending in an uptrend, the cryptocurrency is likely to rise toward $4,000 in the short term. On the other hand, if selling pressure rises, this might change, and ETH could decline to $3,206.

The XRP price is consolidating just below the $1.4 mark, but the technical structure continues to show bullish strength. Interestingly,  XRP has been down by about 4.35% in the past 24 hours, reaching a 24-hour low of $1.296, according to Coinmarketcap data. 

According to an XRP analysis on TradingView, the technical setup is still pointing to a continued price surge. The analysis suggests that XRP could soon rally further, with a near-term price target set at $1.90.

XRP Price Bullishness Continues

The XRP price surge earlier this month was very unprecedented. Particularly, the XRP price surged from a low of $0.4976 on November 3 to reach a three-year high of $1.6 on November 23. This translates to a 220% price increase in over 20 days. 

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However, since it reached this three-year high, XRP has entered a correction phase, retreating by almost 20%. Despite this price correction, XRP has largely traded above a main trendline that has propped up the price during the journey up.

As it stands, technical analysis shows that the XRP price is about to bounce off or break below this trendline, which could make or do its price trajectory from here. An adherence to this main trendline would see XRP bouncing up to the upside, much like it did on November 24. After bouncing up at this point, XRP continued from a low of $1.2775 to retest the $1.54 price level again on November 24.

Now, with the XRP price retesting this major trendline, the more bullish option is an immediate bounce to the upside. A break to the upside would see XRP resuming its uptrend up to the $1.9 price level. Keeping this in mind, the analyst emphasized critical price zones that could shape XRP’s trajectory in the coming sessions. The range between $1.520 and $1.620 has been identified as a crucial area where the price could encounter strong resistance in the coming sessions.

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What’s Next For XRP?

At the time of writing, XRP is trading at $1.39 and is still trading around this main trend line. However, the price has yet to show a decisive bounce from this level. Particularly, current price action points to a continued consolidation in the past few hours. 

While the XRP price continues to exhibit signs of bullishness, there exists the possibility of a break to the downside. This break to the downside would be highlighted by a daily close below $1.38. Should this occur, XRP is likely to extend its decline with a retest of the next significant support at $1.32.

Featured image created with Dall.E, chart from Tradingview.com