Bitcoin (BTC) is not the only cryptocurrency on the rise, Ethereum (ETH) also continues its upward movement. The largest altcoin has approached the $1,750 level with an increase of over 3.5% in the last 24 hours. The recent price increase in ETH is due to the expectation that 9 Ethereum Futures ETFs will receive approval from the SEC today. In particular, the Bitwise Ethereum Futures ETF is expected to be approved by the SEC and open for trading later today.
Scenarios for Ethereum’s Price
With the recent surge in price, ETH has surpassed the 100-hour Simple Moving Average (SMA) at $1,700. There is a strong resistance at $1,750 for Ethereum to overcome in the upward direction. If Ethereum struggles to break the $1,750 resistance, a downward movement can be expected. The first support in the downward direction is around $1,710. Additionally, the next important support level is at $1,680.
Furthermore, the 76.4% Fibonacci retracement level calculated from the price movement from the recent low of $1,668 to the recent high of $1,756 is around $1,685 and provides additional support for the price. If Ethereum breaks below the $1,685 support, it could trigger a test of the $1,650 support. If this support is breached, a new downward wave could occur, potentially leading to a drop towards the $1,600 level.
The next significant resistance level for Ethereum is at $1,800. A strong breakthrough of $1,800 could provide momentum for a more significant increase. In this scenario, the price could target the $1,850 resistance. The next notable resistance is at $1,920. Further potential progress could open the way for an upward movement towards the $2,000 level.
Accumulation Frenzy of Ethereum Whales
Data from the on-chain analytics platform Lookonchain reveals a significant increase in ETH accumulation by whales amid the surge in ETF applications.
According to the data obtained from Lookonchain, a whale-level wallet address starting with 0x7838 recently withdrew 4,288 ETH worth $7.2 million from Binance and staked all of the withdrawn ETH. Additionally, another whale-level wallet address starting with 0x4b7B withdrew 9,530 ETH worth $16 million from Binance and staked it in a similar manner.
Currently, there are 15 Ethereum futures ETFs awaiting approval from the U.S. Securities and Exchange Commission (SEC) from nine different issuers. These issuers include well-known names such as VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion, and Roundhill. Experts state that there is a 90% chance of the SEC approving an Ethereum futures ETF.
