The price has recently surpassed the critical resistance zone at approximately $1656. If the bulls can sustain this momentum, there’s a possibility that the price could test the $1710 level.
VanEck intends to allocate ten percent of its Ethereum Strategy exchange-traded fund annually for a minimum of ten years to The Protocol Guild, comprising 152 individuals dedicated to developing the fundamental protocol for Ethereum. VanEck also commended the Ethereum developers for their steadfastness in building and upholding this collaborative infrastructure for nearly a decade.
Additionally, on September 29th, Invesco and Galaxy Digital reportedly filed documentation with the United States Securities and Exchange Commission (SEC) for a spot Ethereum ETF. The disclosure was shared on Twitter by James Seyffart, an ETF analyst at Bloomberg. Invesco and Galaxy represent the most recent asset management firms to pursue regulatory approval for a spot ETH ETF, having initiated the process on September 29.
Bulls Maintain Control
There is a potential for Ethereum’s price to experience a bullish breakout above $1,700, as bulls are putting in significant effort. This suggests that buyers have successfully counteracted the bearish pressure, indicating a potential continuation of ETH’s upward trajectory.
As of the current moment, ETH is being traded at $1676, showing a 0.35% increase in the past 24 hours according to data from CMC. However, the trading volume has seen a decline of 45.83%. Notably, the price has recently surpassed the resistance zone at approximately $1656. If the bulls can sustain this momentum, there’s a possibility that the price may test the $1710 level. A continued price increase could potentially trigger a robust rally towards the $2000 resistance level.
Conversely, should the price dip below the $1540 support level, it is likely to face a test at the $1427 level. A continued decline could potentially drive prices down to the critical support level at $1100.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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