The second largest cryptocurrency has failed to make up most of the downward movement of the past 24 hours although anonymous sources quoted by Bloomberg indicated that the SEC may be close to approving ETFs for futures in October.
- According to the news agency's report, the agency will not block applications from twelve funds including ProShares, Volatility Shares, Bitwise and Valkyrie, which have recently filed applications to create Ethereum-based ETFs.
- First in line is the Valkyrie Bitcoin and Ether Strategy ETF fund. Such a fund would invest in ETH, which is traded on Chicago's CME commodity exchange. Valkyrie expects to launch the first such fund on October 11.
Ethereum price fell below the SMA200 on the D1 interval, indicating a potentially much longer-term weakening in sentiment. At the same time, the RSI on the daily interval is 29 points, indicating an oversold condition, and the price is trading below $1660 where we see the 38.2 Fibonacci retracement of the upward wave from the oversold bottom (June 2022). The next potential test if the bears take control could be at $1400 for ETH, where we see 61.8 Fibonacci retracement and previous price reactions.
Source: xStation5
Daily Summary: Wall Street Under Pressure After Highest Inflation Reading Since 2023
Daily Summary: Technology Drives Wall Street to Record Highs Despite Tensions in the Persian Gulf
Morning Wrap: US–Iran Peace Talks in the Shadow of Trump’s Ultimatum
Technical analysis: Bitcoin gains and approaches important resistance zone
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
