Ethereum still below $1700 despite Bloomberg sources reports

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

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