Chart of the day - Ethereum (24.05.2024)

9:24 AM 24 May 2024

The U.S. Securities and Exchange Commission (SEC) on Thursday approved 19b-4 applications from Nasdaq, the CBOE and the NYSE to list ETFs linked to the price of Ethereum, potentially paving the way for the products to begin trading later this year.

What's worth noting, however, is that ETF issuers also need to get the green light before launching products. This primarily involves signing the appropriate S-1 registration statements (the SEC's format for registering a new financial instrument) for spot Ether ETFs to officially begin trading. When can this happen? It is widely believed that the commencement of trading could finally begin in weeks or even months. 

Start investing today or test a free demo

Open real account TRY DEMO Download mobile app Download mobile app

The key, however, seems to be the fact of the approval itself, which marks another milestone for widespread crypto market adoption. In the short term, however, we do not see a positive reaction to the decision in the market, with the second largest cryptocurrency losing nearly 2.5% today. Analyzing the process of the introduction of ETFs on Bitcoin, it can be noted that before the approval itself Bitcoin was gaining, while later there was a realization of gains. It is worth noting, however, that since the funds were listed, demand for “physical” Bitcoin has increased significantly, which has pushed up its price. Of course, it will still be some time until additional demand for Ethereum emerges, but it can be expected that the impact in the medium term should be positive.

Ethereum - a look at the chart (D1 interval)

Ethereum is losing 2.6% today, thus negating part of the upward wave initiated on Monday, when the SEC reportedly instructed applicants to accelerate 19b-4 filings. At the moment, it seems that key support points in the short term may be the $3500 psychological barrier zone and the 61.8% Fibo measure of the downward wave initiated at the top of the last upward cycle in 2021. Local resistance, on the other hand, could be the $4,000 zone, which settles at the 78.6% Fibo retracement of the same downward wave, and the local peak at the $4083 zone.

Source: xStation 



Xtb logo

Join over 1 000 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits

We use cookies

By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

This group contains cookies that are necessary for our websites to work. They take part in functionalities like language preferences, traffic distribution or keeping user session. They cannot be disabled.

Cookie name
userBranchSymbol cc 2 March 2024
test_cookie cc 25 January 2024
adobe_unique_id cc 1 March 2025
__hssc cc 8 September 2022
SESSID cc 2 March 2024
__cf_bm cc 8 September 2022
intercom-id-iojaybix cc 26 November 2024
intercom-session-iojaybix cc 8 March 2024

We use tools that let us analyze the usage of our page. Such data lets us improve the user experience of our web service.

Cookie name
_gid cc 9 September 2022
_gat_UA-98728395-1 cc 8 September 2022
_gat_UA-121192761-1 cc 8 September 2022
_gcl_au cc 30 May 2024
_ga_CBPL72L2EC cc 1 March 2026
_ga cc 1 March 2026
__hstc cc 7 March 2023

This group of cookies is used to show you ads of topics that you are interested in. It also lets us monitor our marketing activities, it helps to measure the performance of our ads.

Cookie name
MUID cc 26 March 2025
_omappvp cc 11 February 2035
_omappvs cc 1 March 2024
_uetsid cc 2 March 2024
_uetvid cc 26 March 2025
_fbp cc 30 May 2024
fr cc 7 December 2022
_ttp cc 26 March 2025
_tt_enable_cookie cc 26 March 2025
_ttp cc 26 March 2025
hubspotutk cc 7 March 2023

Cookies from this group store your preferences you gave while using the site, so that they will already be here when you visit the page after some time.

Cookie name

This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".

Change region and language
Country of residence