Fri, February 23

Ethereum Price Breaks Below Key Support Level as Bears Dominate

Ethereum Price Breaks Below Key Support Level as Bears Dominate Ethereum News
  • At the time of writing, ETH is trading at $1944, down 2.13% in the last 24 hours.
  • The ETH price recently broke the key support level of $1951.

According to a filing with the United States SEC dated November 17, Fidelity Investments intends to launch a spot Ethereum ETF. The proposed rule change that would enable Cboe BZX to list and trade shares in Fidelity’s prospective fund was described in a 19b-4 filing.

Similar to Fidelity’s spot Bitcoin ETF proposal filed to the SEC in late June, the new Ethereum proposal is quite comparable to that plan. Both of Fidelity’s disclosures mirror those of BlackRock, one of the company’s primary rivals. BlackRock registered for its spot Bitcoin ETF in June, months before it applied for its spot Ethereum ETF on November 15.

Although no spot ETFs for Bitcoin or Ethereum have been approved by the SEC as of yet, futures ETFs for both have been greenlit in the past.

Bitcoin (BTC) has unexpectedly regained the daily cryptocurrency transaction fee lead, surpassing Ethereum for the first time in three years. Compared to Ethereum’s $8.44 million, the daily transaction fees for Bitcoin (BTC) have recently risen to an astounding $11.63 million. 

Bears Domination Continues

There has been some corrective action in the altcoin market as Bitcoin meets with some resistance. At the time of writing, ETH is trading at $1944, down 2.13% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 21.12%. 

Source: CoinMarketCap

The price recently broke the key support level of $1951 and is likely heading towards the $1910 mark. Further decline will result in price plummeting to $1872 support area. If the price manages to go past $1989 resistance level then it will likely test $2079 level.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.