ETH Price Bounces Off Support, Crypto Community Hopeful for Price Rebound
ETH price is currently bouncing off support at $1,700 after retracing from resistance at $1,750. Traders are eager to offload their wallets at lower values, leading to the possibility of a price rebound. Despite the surprise uptick this week, investors experienced significant losses during August’s sell-off. However, experts believe that this sell-off may be the final one as the bull market begins to emerge.
Main Breakdowns:
- ETH is being moved at a major loss ratio, indicating a potential price bounce in the short term.
- Traders need to position themselves strategically for the anticipated bull run in 2024/2025.
- Consider investing in Ethereum’s confluence support at $1,630, created by the 200-day EMA and the ascending trendline.
- The Supertrend indicator shows a buy signal, suggesting that bulls have control.
- Investors should monitor the Money Flow Index (MFI) for indications of market trends and volume flow.
ETH Price Could Soar with ETF Futures Approval
The SEC may approve the first Ethereum ETF futures in September, potentially including proposals from ProShares, Volatility Shares, Bitwise, and Roundhill. While these futures are not the highly anticipated spot ETFs for Bitcoin, it signals the SEC’s increasing comfort with other crypto products. The approvals could serve as a market-changing event for Ethereum, potentially leading to gains above $2,000 and marking a bullish comeback.
Hot Take:
The recent bounce in ETH price and the potential approval of Ethereum ETF futures indicate positive momentum for the cryptocurrency. Traders and investors should carefully position themselves to take advantage of the anticipated bull market and potential price gains. It’s an exciting time for the crypto community as Ethereum continues to show resilience and potential for growth.
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