Sign Up on MEXCEthereum Price As Grayscale Files To Swap Its ETH Trust Product For A Spot Ether ETF
The race for Ethereum futures exchange-traded funds (ETFs) greenlight has stirred bullish action in the crypto market since late last week. Interest in crypto has grown significantly with Ethereum price reclaiming two key support areas; $1,600 and $1,700.
Ethereum price is up 2% on the day to $1,721 with $12.4 billion in trading volume streaming in while Bitcoin has climbed 4.5% to $28,414. As discussed, holding Bitcoin above $28,400 support could influence retail traders to join the uptrend thus propelling the price to $30,000.
Meanwhile, Ethereum bulls must not rest until the second-largest crypto retakes resistance/support at $1,750. Otherwise, a retracement to sweep through more liquidity at a lower support area like $1,600 may take precedence.
First-Ever Ethereum Futures ETF To Debut In The US
Investment companies in the United States are in the race to launch the first-ever futures-based Ethereum ETF in the country. According to Bloomberg, VanEck, ProShares, and Bitwise are among the firms set to debut the investment product, starting Monday.
The launch of ETH ETF products based on Ether futures will start trading in the US more than two years after BTC futures premiered courtesy of ProShares Bitcoin Strategy ETF with the ticker BITO.
OKAY: This looks to be the full list of #Ethereum Futures ETFs that will be given SEC accelerated approval to launch on Monday. Assuming they are all operationally ready to go & assuming no last minute entrants. A potential 9 ETFs with ETH futures trading on Monday pic.twitter.com/eQF6MWL4kP
— James Seyffart (@JSeyff) September 29, 2023
Unlike the Bitcoin futures ETFs which premiered at the height of the bull market in 2021 when BTC price traded at $60,000, Ether futures are launching amid a lengthy crypto winter with many believing the approvals could kickstart a bull run.
Grayscale Files To Convert Its Ethereum Trust To A Spot Ether ETF
The largest digital assets management firm has teamed up with NYSE Arca and filed a request with the Securities and Exchange Commission (SEC) to swap its Grayscale Ethereum Trust (ETHE) for a spot Ether ETF.
“As we file to convert ETHE to an ETF, the natural next step in the product’s evolution, we recognize this as an important moment to bring Ethereum even further into the U.S. regulatory perimeter,” Grayscale CEO Michael Sonnenshein said in a statement.
Grayscale has been intentional with its push for a spot ETF product after winning against the SEC in the lawsuit in which the company sought to convert its Grayscale Bitcoin Trust (GBTC).
Ethereum Price Prediction: Can Bulls Push To $2,000?
Ethereum exploded above a cup and handle pattern discussed in the previous analysis. While a 7.5% breakout was projected to reach $1,785, Ether only made it to $1,750. If support at $1,700 fails to hold, ETH might drop further to seek relief from profit-booking activities. Other tentative support areas to keep in mind include $1,660, $1,630, and $1,560.
The Moving Average Convergence Divergence (MACD) indicator hints at an immediate reversal following the climb to $1,750. Traders should be looking out for a sell signal to be manifested with the MACD line in blue crossing above the signal line in red.
If interest in ETH keeps growing as the race for futures-based Ether ETFs intensifies, a kneejerk rebound from support at $1,700 might reaffirm the uptrend for gains above $1,800 and eventually to $2,000.
Related Articles
- BREAKING: Grayscale Files with SEC To Convert Its Ethereum Trust to Spot Ethereum ETF
- Uptober Rally: Bitcoin Breaks $28k As US Avoids Government Shutdown
- SEC Sues FTX’s Ex-Auditor Prager Metis for Independence Breaches
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- First U.S. Spot Dogecoin and XRP ETFs Launch as REX-Osprey Debuts DOJE and XRPR
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
