Along with Bitcoin the world’s second-largest cryptocurrency Ethereum (ETH) has also registered solid gains, shooting by more than 3.5% in the last 24 hours and moving closer to $1,750. The recent price surge in ETH happened just a day before the launch of Ethereum Futures ETFs on October 2.
As per the previous reports, the Bitwise Ethereum Futures ETF shall go live later today. The ETH price has surged passed the $1,700 level which is also its 100-hourly Simple Moving Average (SMA). On the upside, Ethereum (ETH) could face strong resistance at $1,750.
Should Ethereum face challenges in surpassing the $1,750 resistance, a potential corrective move to the downside is possible. The initial support on the downside is situated in the vicinity of the $1,710 level. Additionally, the next significant support level rests at $1,680.
Furthermore, the 76.4% Fibonacci retracement level, calculated from the recent rally spanning from the $1,668 swing low to the $1,756 high, is also in proximity to $1,685, serving as additional support. A downside breach below this $1,685 support could trigger a test of the $1,650 support. If this support is breached, it may initiate a new bearish wave. In such a scenario, a decline toward the $1,600 level could become a possibility.
The following significant resistance level is at $1,800. A decisive breach of the $1,800 resistance zone could establish momentum for a more substantial upswing. In this scenario, the price might target the $1,850 resistance. Subsequently, the next notable resistance could be found at $1,920. Further advances could potentially pave the way for an upward move toward the $2,000 mark.
The latest on-chain data from Lookonchain shows that there’s a notable increase in Ethereum accumulation amid the surge in ETF filings. As per data from Lookonchain, a specific entity identified as “whale” at address “0x7838” recently withdrew 4,288 ETH, amounting to $7.2 million, from Binance and proceeded to stake it.
Additionally, a new wallet labeled as “0x4b7B” withdrew 9,530 ETH, valued at $16 million, from the same platform and similarly staked it, bolstering Ethereum’s market momentum.
— Lookonchain (@lookonchain) October 1, 2023
As of the analysts’ report on September 27, there are 15 Ether futures ETFs awaiting approval from nine different issuers. These issuers include well-known names like VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion, and Roundhill.
The analysts expressed a 90% likelihood of Ether futures ETFs launching in October. Among them, Valkyrie’s Bitcoin futures product is set to be the first to offer exposure to Ether starting from October 3.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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