{"id":166585,"date":"2023-10-02T14:59:39","date_gmt":"2023-10-02T09:29:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/eth-price-shoots-to-1750-before-ethereum-futures-etf-launch-crypto-news\/"},"modified":"2023-10-02T14:59:41","modified_gmt":"2023-10-02T09:29:41","slug":"eth-price-shoots-to-1750-before-ethereum-futures-etf-launch-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/eth-price-shoots-to-1750-before-ethereum-futures-etf-launch-crypto-news\/","title":{"rendered":"ETH Price Shoots to $1,750 Before Ethereum Futures ETF Launch – Crypto News"},"content":{"rendered":"

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Along with Bitcoin the world\u2019s second-largest cryptocurrency Ethereum (ETH) has also registered solid gains<\/a>, shooting by more than 3.5% in the last 24 hours and moving closer to $1,750. The recent price surge in ETH happened just a day before the launch of Ethereum Futures ETFs on October 2.<\/p>\n

As per the previous reports, the Bitwise Ethereum Futures ETF shall go live<\/a> later today. The ETH price has surged passed the $1,700 level which is also its 100-hourly Simple Moving Average (SMA). On the upside, Ethereum (ETH) could face strong resistance at $1,750.<\/p>\n

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Should Ethereum face challenges in surpassing the $1,750 resistance, a potential corrective move to the downside is possible. The initial support on the downside is situated in the vicinity of the $1,710 level. Additionally, the next significant support level rests at $1,680.<\/p>\n

Furthermore, the 76.4% Fibonacci retracement level, calculated from the recent rally spanning from the $1,668 swing low to the $1,756 high, is also in proximity to $1,685, serving as additional support. A downside breach below this $1,685 support could trigger a test of the $1,650 support. If this support is breached, it may initiate a new bearish wave. In such a scenario, a decline toward the $1,600 level could become a possibility.<\/p>\n

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The following significant resistance level is at $1,800. A decisive breach of the $1,800<\/a> resistance zone could establish momentum for a more substantial upswing. In this scenario, the price might target the $1,850 resistance. Subsequently, the next notable resistance could be found at $1,920. Further advances could potentially pave the way for an upward move toward the $2,000 mark.<\/p>\n

Ethereum Accumulation By Whales<\/h3>\n

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The latest on-chain data from Lookonchain shows that there\u2019s a notable increase in Ethereum accumulation amid the surge in ETF filings. As per data from Lookonchain, a specific entity identified as \u201cwhale\u201d at address \u201c0x7838\u201d recently withdrew 4,288 ETH, amounting to $7.2 million, from Binance and proceeded to stake it.<\/p>\n

Additionally, a new wallet labeled as \u201c0x4b7B\u201d withdrew 9,530 ETH, valued at $16 million, from the same platform and similarly staked it, bolstering Ethereum\u2019s market momentum.<\/p>\n

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We have noticed whales accumulating $ETH<\/a> and staking $ETH<\/a> recently.<\/p>\n

Whale”0x7838″ withdrew 4,288 $ETH<\/a>($7.2M) from #Binance<\/a> and staked 4 days ago.https:\/\/t.co\/t4kEEonDjg<\/a><\/p>\n

Fresh wallet”0x4b7B” withdrew 9,530 $ETH<\/a>($16M) from #Binance<\/a> and staked.https:\/\/t.co\/Fvh2w3skvI<\/a> pic.twitter.com\/cyp7abwoOk<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) October 1, 2023<\/a><\/p>\n<\/blockquote>\n

As of the analysts\u2019 report on September 27, there are 15 Ether futures ETFs awaiting approval from nine different issuers. These issuers include well-known names like VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion, and Roundhill.<\/p>\n

The analysts expressed a 90% likelihood of Ether futures ETFs launching in October. Among them, Valkyrie\u2019s Bitcoin futures product<\/a> is set to be the first to offer exposure to Ether starting from October 3.<\/p>\n

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