CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Ethereum still below $1700 despite Bloomberg sources reports

12:42 18 August 2023

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.

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Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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