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SEC clears 5 spot Ethereum ETFs for trading on July 23rd
Gary S. Gensler, Chairman of the U.S. Securities and Exchange Commission
- The SEC has cleared five spot Ethereum ETFs to start trading on July 23rd.
- Ethereum’s current price is up, reflecting bullish momentum ahead of the ETF launches, with strong support around $3,441.
Big news is hitting the crypto industry. According to Cboe, Gary Gensler’s SEC has approved the official launch of five spot Ethereum ETFs with a set date of July 23. VanEck, Invesco, Fidelity, 21Shares, and Franklin Templeton made the cut. Cboe said:
“We are pleased to announce that 1 Exchange Traded Product (ETP) will be listed on Cboe and will begin trading as a new issue on July 23, 2024.”
No further information was provided.
Ethereum has been riding a bullish wave for more than a few days now. Its current price is $3,522, well above the 50-period and 200-period moving averages, which sit at $3,441 and $3,441 respectively.
The Relative Strength Index is at 66.28. An RSI above 50 signals bullish momentum. However, with the RSI approaching 70, some caution is advised as it is dangerously close to the overbought territory.
The MACD also supports the bullish outlook, with the line at 2.20, crossing above the signal line at 25.71 and a positive histogram value of 23.51. This crossover tells traders when there’s an intense increase in buying activity.
Ethereum’s price action has been strong. Since early July, it has surged from around $3,360 to its current level. This rally was mostly fueled by investor anticipation of the ETF launch.
Immediate resistance is at the recent high of $3,527. If Ethereum breaks this resistance, it would go straight for $4,000.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
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