Ethereum ETF frenzy: The fifth filing and its impact on the price
The post Ethereum ETF frenzy: The fifth filing and its impact on the price appeared on BitcoinEthereumNews.com.
Ethereum surged over $1,600 after reports of a new spot ETF application emerged Many traders have since taken long ETH positions As the week neared its end, another Ethereum spot exchange-traded fund (ETF) announcement emerged. This begs the question – Did Ethereum respond in a manner reminiscent of Bitcoin’s reactions to ETF updates in the past? Read Ethereum (ETH) Price Prediction 2023-24 Ethereum gets five active ETF filings On October 20, an interesting document came to light, revealing that InvescoUS and Galaxy have made significant updates to their spot Ethereum ETF submission with the Securities and Exchange Commission (SEC). This latest filing was executed through the Cboe exchange, marking it as the fifth live ETH ETF application. How Ethereum’s price reacted to the filing The daily Ethereum chart has been showcasing a seesaw pattern of profitability and losses in recent days. However, there’s a notable trend of several days marked by marginal gains, interspersed with occasional significant losses. Notably, October 20 saw a remarkable upward surge in price, coinciding with the spot ETF update. On this pivotal day, ETH noted an impressive gain of more than 2.3%, breaching the $1,600-threshold. This hike pushed ETH’s price comfortably above the neutral line of its Relative Strength Index (RSI). Source: TradingView At the time of writing, ETH was still holding its value above $1,600, albeit with a slight hike of less than 1%. The RSI continued to trend above the neutral line, though a slight dip was evident too. This price movement served as a clear and compelling indicator of the tangible impact of the spot ETF update. Ethereum derivatives continue to flash positive signals According to data from Coinglass, traders have maintained an optimistic outlook on Ethereum’s price potential. This optimism was notably reflected in the consistent positivity of the funding rate…
Filed under: News - @ October 22, 2023 1:12 am