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ETH price is riding a bullish wave triggered by another spot Bitcoin exchange-traded fund (ETF) filing on Tuesday by Franklin Templeton Digital Holdings Trust. The news came at a time when the market was worrisome, with BTC price dropping to retest $25,000 support while Ethereum returned to levels last seen in March at around $1,531.
JUST IN: Franklin has filed for a spot bitcoin ETF h/t @NateGeraci pic.twitter.com/4KHSPjFkBC
— Eric Balchunas (@EricBalchunas) September 12, 2023
As investors embraced the news, price reversals across the crypto market started to thaw. Ethereum climbed sharply above $1,600, touching highs at $1,615 before retracing to confirm support at $1,580.
Although the price remains generally unchanged at $1,597, ETH is trading significantly higher than its weekly low of $1,531.
ETH Price Bullish Outlook Ahead Of CPI Data Release
Investors are closely watching the market structure while waiting for the release of the United States Consumer Price Index (CPI) data, which plays a critical role in the determination of the monetary policy used to control inflation.
Economists forecast a slight growth in CPI in August compared to July. CPI increased by 0.2% in July, which falls below the expectations of 0.6% in August. Backing this growth is a spike in oil prices, with WTI Crude Oil climbing $89 per barrel – the peak in 2023.
Meanwhile, the core CPI is projected to roll down to 4.3% in August compared to 4.7% in July.
Experts like Bernd Sischka, CCO at PowerTrade, a crypto options and derivatives exchange platform believe that sentiment is still bearish suggesting “impending near-term market weakness.”
The impact of rate hikes on the crypto market has waned over the past few months. Bitcoin and Ethereum have grown resilient to the Federal Reserve’s tight monetary policy.
“It’s different than what’s happened before. The standard playbook is starting to break down,” Arthur Hayes, the founder of BitMEX said at Maelstrom. “Whether the Fed raises or cuts, we’re in a good position as a cryptocurrency industry.”
ETH Price Upholding Bullish Outlook
Bulls are ready to push Ethereum above resistance at $1,600 and subsequently the descending trendline. This move if sustained would imply that ETH price is finally leaving the bearish shackles behind and eyeing the run-up to $1,800 and $2,000.
Based on the Supertrend indicator and the Moving Average Convergence Divergence (MACD), the path with the least resistance will stay to the upside. The former is now trailing ETH price while the MACD has confirmed a buy signal.
For some traders, profit-booking could start at $1,600, but those looking forward to the uptrend confirmation above this level may want to wait until the Ethereum live price soars above $1,700.
Highly bullish investors could keep their positions intact until Ethereum clocks $1,800 or $2,000 before closing their positions. Keep in mind that the SEC could greenlight futures-based ETH ETF in September or October – a development that could trigger a buying spree among investors and a substantial rally.
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