- Grayscale revamps the Ethereum ETF application for increased approval odds.
- The Ethereum price holds steady around $1,620–$1,640 amid resistance at $1,660.
Multiple asset management firms are pursuing Ethereum futures Exchange-Traded Funds (ETFs) following the successful approval of Bitcoin futures ETFs by the U.S. Securities and Exchange Commission (SEC). This move reflects a rising tide of optimism surrounding cryptocurrency-based investment vehicles.
Grayscale Investments, a renowned investment firm specializing in cryptocurrencies, has resubmitted an application for an Ethereum futures ETF. However, this application differs from their earlier attempt as it was filed under the Investment Company Act of 1940, in contrast to their previous application filed under the Securities Act of 1933. While the precise motivation for this change remains unclear, experts speculate that Grayscale may be seeking to enhance its chances of securing approval, given the precedent set by the approval of Bitcoin futures ETFs under both acts.
Also, over the past few weeks, several prominent asset managers have submitted applications for Ethereum futures ETFs. Among the notable applicants are Volatility Shares, Bitwise, ProShares, VanEck, and Valkyrie Investments, with additional firms bringing the total number of applicants to at least 12.
Ethereum (ETH) Stays Strong Above $1.6K Range
Despite showing strength by surpassing the $1,650 resistance level, Ethereum encountered resistance at $1,660, distinguishing its performance from that of Bitcoin. The cryptocurrency made two unsuccessful attempts to breach the $1,660 mark, leading to a minor downward correction.
It temporarily dipped below the $1,650 level but is currently trading above $1,633 and the 100-hourly simple moving average (SMA). Additionally, the Ethereum relative strength index (RSI) is nearing the neutral zone at 46.25.
Looking ahead, Ethereum’s price faces potential challenges and the subsequent resistance sits at the $1,670 level. If Ethereum manages to secure a close above the $1,670 resistance, it could propel the price toward the $1,750 resistance zone. Beyond that, a break above $1,820 could potentially push Ethereum further upwards, targeting $1,950.
However, if Ethereum fails to breach the $1,660 resistance, the cryptocurrency may initiate a fresh downturn. Initial support on the downside is located near $1,635 and the 100-hourly SMA, with more substantial support seen around $1,620. A decisive drop below $1,600 could trigger increased selling pressure, further shaping the cryptocurrency’s price trajectory.
