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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