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.
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.
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.
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 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.
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