The crypto market turned bullish on Thursday as traders capitalized on the hype growing around exchange-traded funds (ETFs).\u00a0Ethereum price<\/a>\u00a0repositioned itself above $1,600 support and climbed sharply toward $1,700 but stalled on hitting $1,670.<\/p>\n The second-largest crypto is up 3% on Friday to $1,648, with $12.2 billion in trading volume streaming in, although its market capitalization still hovers slightly below the $200 billion mark.<\/p>\n <\/p>\n Valkyrie, the company specializing in alternative asset management with a focus on the intersection of the cryptocurrency market and traditional finance, has received the green light to start seeking exposure\u00a0to Ether futures contracts within its operational Bitcoin futures ETF<\/a>\u00a0product.<\/p>\n \u201cToday, the Valkyrie Bitcoin Strategy ETF (Nasdaq: $BTF) began adding exposure to Ether futures contracts, making it the first US ETF to provide exposure to Ether and Bitcoin futures contracts under one wrapper,\u201d a spokesperson said in a written statement to CoinDesk.<\/p>\n According to the spokesperson, Valkyrie beat other investment firms in the race to offer ETH futures ETF because it \u201csupplemented its prospectus and updated risk disclosures related to Ether futures.\u201d<\/p>\n <\/p>\n This new approval means that Valkyrie will offer the two distinct futures contracts in one ETF product starting October 3. The product\u2019s name will change to Valkyrie Bitcoin and Ether Strategy ETF, and trade under the same ticker BTF.<\/p>\n Meanwhile, another asset management firm, VanEck confirmed on Thursday the imminent launch of its\u00a0VanEck Ethereum Strategy ETF<\/a>\u00a0(EFUT).<\/p>\n <\/p>\n \u201cThe Fund will invest in standardized, cash-settled ETH futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC),\u201d VanEck via a\u00a0press release<\/a>.<\/p>\n Shares of the actively managed fund will trade on the Chicago Board Options Exchange (CBOE). However, VanEck did not say when exactly the listing will take place.<\/p>\n NEW: Ether futures ETFs could be trading as early as Tuesday as SEC looks to speed things up in order to get it done bf looming shutdown, just like they sped up delays on spot bitcoin ETFs. If so, issuers likely in mad scramble as we speak to update docs. Stay tuned. @JSeyff<\/a> pic.twitter.com\/onTpS3r53m<\/a><\/p>\n \u2014 Eric Balchunas (@EricBalchunas) September 28, 2023<\/a><\/p>\n<\/blockquote>\n Ethereum price wobbled a lot in September with little upside action due to the seller congestion between $1,650 and $1,710. There have been frequent dips below $1,600 support where ETH has tested support areas at $1,530 (a price level seen last in March) and the most recent support at $1,564.<\/p>\n The futures ETF-driven rebound boosted Ethereum price above $1,600, affirming the level as a short-term support but its momentum faded on touching $1,670. On the bright side, ETH holds above all three applied moving averages, including the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the 200-day EMA (purple).<\/p>\n A cup and handle pattern formed since the beginning of September is on the verge of a breakout likely to\u00a0propel Ethereum to $1,785<\/a>. To achieve this target, bulls must bring down the resistance at $1,670 (the pattern\u2019s neckline resistance) to validate the cup and handle.<\/p>\n New long positions should be opened slightly above the neckline with the stop loss at $1,650 or the 200 EMA currently at $1,635. The bullish outlook from the Moving Average Convergence Divergence (MACD) indicator shows that buyers have the upper and the path with the least resistance is to the upside.<\/p>\n <\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\nValkyrie\u2019s Application To Seek Exposure To Ethereum Futures Contracts Approved<\/h2>\n
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Ethereum Price Flaunts Impending Cup and Handle Breakout<\/h2>\n
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