Ethereum (ETH) has seen a steady climb towards the $1,800 mark, largely fueled by increased whale accumulation in anticipation of the launch of the first-ever Ether Futures ETF. Noteworthy support and resistance levels are determining ETH’s price trajectory in the short-term, while the influx of ETFs is pointing to a bullish outlook for Ethereum.
The launch of the Bitwise Ethereum Futures ETF is imminent, and the Ethereum community is abuzz with excitement. ETH’s price has surpassed the $1,700 level and its 100-hourly Simple Moving Average (SMA), indicating a strong bullish sentiment. However, the journey to higher levels may face a challenge at the $1,750 resistance level, with potential corrective downswings to around $1,710 and $1,680. If the $1,800 resistance is breached, Ethereum could aim for $1,850, followed by $1,920, and possibly the $2,000 mark.
On-chain data from Lookonchain shows a correlation between Ethereum’s price surge and an increase in whale activity. For example, a whale identified as “0x7838” withdrew and staked 4,288 ETH (equivalent to $7.2 million), and another whale, “0x4b7B”, withdrew and staked 9,530 ETH, valued at $16 million. The imminent launch of 15 Ether Futures ETFs, proposed by nine different issuers, is likely to further bolster the bullish sentiment in the Ethereum ecosystem.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 10 |
| People | None |
| Companies | Valkyrie, Grayscale, Binance, VanEck, ProShares |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
