- Ethereum (ETH), the world’s second-largest cryptocurrency, has seen strong gains, rising by over 3.5% in the last 24 hours, approaching $1,750.
- The Bitwise Ethereum Futures ETF will become active later today. The ETH price has also surpassed the $1,700 level, which is the 100-hour Simple Moving Average (SMA).
- The latest on-chain data from Lookonchain indicates a significant increase in Ethereum accumulation, coinciding with the increase in ETF applications.
Ethereum Futures ETFs are launching today in the US: Investors should pay attention to these support and resistance levels before the ETFs launch.
Investors Should Pay Attention to These Critical Levels
Ethereum (ETH), the world’s second-largest cryptocurrency alongside Bitcoin, has seen solid gains, rising by over 3.5% in the last 24 hours, nearing $1,750. The recent price increase in ETH occurred one day before the launch of Ethereum Futures ETFs on October 2nd.
As reported earlier, the Bitwise Ethereum Futures ETF will become active later today. The ETH price has also surpassed the $1,700 level, which is the 100-hour Simple Moving Average (SMA). To the upside, Ethereum (ETH) could encounter strong resistance at the $1,750 level.
In case Ethereum faces challenges in surpassing the $1,750 resistance, a downside correction might be possible. The downside support is around the $1,710 level. Furthermore, the next significant support level is at $1,680.
Additionally, the calculated 76.4% Fibonacci retracement level from the recent rally, from a low of $1,668 to a high of $1,756, is also close to the $1,685 level and serves as additional support. A drop below this $1,685 support might trigger a test of the $1,650 support. If this support is breached, a new downward wave may be initiated, possibly heading towards the $1,600 level.
The next significant resistance level to watch is at $1,800. A clear break above the $1,800 resistance zone could create momentum for a larger uptrend. In this scenario, the price may target the $1,850 resistance. Then, the next prominent resistance could be found at the $1,920 level. Further progress could open the door for a move towards the $2,000 level.
Accumulation by Ethereum Whales
The latest on-chain data from Lookonchain indicates a significant increase in Ethereum accumulation, coinciding with the rise in ETF applications. According to Lookonchain data, a private entity identified at the address ‘0x7838’ recently withdrew and staked 4,288 ETH, equivalent to $7.2 million, after withdrawing it from Binance.
Moreover, a new wallet labeled ‘0x4b7B,’ which withdrew and similarly staked 9,530 ETH, or $16 million, from the same platform, has also supported Ethereum’s market momentum.
As of the analysts’ report on September 27th, ten different Ether futures ETFs from nine different issuers are awaiting approval. These issuers include well-known names like VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion, and Roundhill.
Analysts have expressed a 90% probability of Ether futures ETFs launching in October. One of these, Valkyrie’s Bitcoin futures product, will provide exposure to Ether starting from October 3rd.
