ETH Price Rises as Franklin Templeton Files for Bitcoin ETF
The price of Ethereum (ETH) is experiencing a bullish wave following the news that Franklin Templeton Digital Holdings Trust has filed for a spot Bitcoin exchange-traded fund (ETF). This announcement comes at a time when the market was uncertain, with Bitcoin dropping to test the $25,000 support level and Ethereum returning to March levels at around $1,531.
Market Reversal and Support Confirmation
As a result of the positive news, the crypto market has seen a reversal in prices. Ethereum has surged above $1,600, reaching highs of $1,615 before retracing to confirm support at $1,580. Although the price remains around $1,597, it is significantly higher than its weekly low of $1,531.
Impact of US CPI Data Release
Investors are closely monitoring the market structure in anticipation of the release of the US Consumer Price Index (CPI) data. This data is crucial in determining monetary policy and controlling inflation. Economists expect a slight growth in CPI for August compared to July, supported by a spike in oil prices. The core CPI is projected to decrease compared to the previous month.
Despite the potential impact of rate hikes on the crypto market, Bitcoin and Ethereum have shown resilience to the Federal Reserve’s monetary policy. The cryptocurrency industry remains in a favorable position regardless of whether the Fed raises or cuts rates.
ETH Price Outlook and Bullish Sentiment
Bulls are preparing to push Ethereum above resistance at $1,600 and the descending trendline. If this move is sustained, it indicates that ETH price is breaking free from bearish trends and aiming for $1,800 and $2,000. The Supertrend indicator and the Moving Average Convergence Divergence (MACD) both suggest an upward path with minimal resistance. Traders may consider profit-booking at $1,600, while others may wait for confirmation above $1,700. Highly bullish investors could hold their positions until Ethereum reaches $1,800 or $2,000, especially if the SEC approves futures-based ETH ETFs in September or October.
Hot Take: Bullish Momentum for ETH Price Amid ETF Filing
The recent filing for a spot Bitcoin ETF by Franklin Templeton has sparked a bullish wave for Ethereum. As the market reverses its downward trend, ETH price has surged above $1,600, with potential for further gains. The upcoming release of US CPI data adds to the market’s anticipation, and investors are closely watching the impact on monetary policy and inflation control. Despite previous concerns about rate hikes, Bitcoin and Ethereum have demonstrated resilience. Bulls are now aiming to break resistance at $1,600 and potentially reach $1,800 and $2,000. With indicators suggesting a favorable path, traders may consider profit-booking at $1,600 or wait for confirmation above $1,700. The possibility of SEC approval for futures-based ETH ETFs could also drive a significant rally in the market.
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