Crypto News- Following Bitcoin’s lead, Ethereum (ETH), the world’s second-largest cryptocurrency, has surged impressively by more than 3.5% in the past 24 hours, edging closer to the $1,750 threshold. Remarkably, this surge in ETH’s value coincided with the imminent launch of Ethereum Futures ETFs scheduled for October 2.
As previously reported, the Bitwise Ethereum Futures ETF is poised to go live today. ETH’s price has confidently breached the $1,700 level, aligning with its 100-hourly Simple Moving Average (SMA). On the upside, Ethereum (ETH) may face formidable resistance at the $1,750 mark.
Ethereum Futures ETF Launch: Essential Price Levels to Keep an Eye On
In case of challenges in surpassing this $1,750 resistance, the possibility of a corrective downward movement arises. Initial support on the downside is located around the $1,710 level, followed by a more substantial support level at $1,680.
Furthermore, the 76.4% Fibonacci retracement level, calculated from the recent rally spanning from the $1,668 swing low to the $1,756 high, closely aligns with the $1,685 mark, offering additional reinforcement. A breach below this $1,685 support level could trigger a test of the $1,650 support, potentially initiating a new bearish trend.
In such a scenario, a decline toward the $1,600 level becomes a plausible outcome. The next significant resistance level is at $1,800, and a decisive breach of this barrier could set the stage for more pronounced upward momentum. Should this occur, the price might then target the $1,850 resistance, followed by another notable level at $1,920. Further progress could potentially pave the way for a move toward the coveted $2,000 milestone.
Recent on-chain data sourced from Lookonchain reveals a marked increase in Ethereum accumulation amid the flurry of ETF filings. According to Lookonchain data, a particular entity identified as the “whale” at address “0x7838” recently withdrew 4,288 ETH, equivalent to $7.2 million, from Binance and subsequently staked it.
Moreover, a newly-established wallet under the label “0x4b7B” withdrew 9,530 ETH, valued at $16 million, from the same platform and also engaged in staking activities, bolstering Ethereum’s upward momentum within the market.
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