Ethereum Bulls and Bears Fight for Supremacy: What’s Next?
• Ethereum’s price recently breached the crucial support at $1,800.
• Institutional ETF developments are expected to shape Ethereum’s trajectory.
• There has been a decline in whale interest, while trading volume surges.
Clash of Ethereum’s Bulls and Bears Intensifies
The second-largest cryptocurrency, Ethereum, has been caught in a war between bullish and bearish forces as the price breaches crucial support at $1,800. Amidst market turmoil, institutional ETF developments may shape its path forward.
Institutional Interest Rising
Volatility Shares is planning to launch an Ethereum futures ETF on October 12th after gaining recognition for launching the first 2x bitcoin-linked ETF (BITX) in July. Other prominent financial players including Bitwise, VanEck, Roubhill, ProShares and Grayscale have also submitted applications to the SEC which could potentially increase demand for ETH.
Decline in Whale Interest
Data from GlassNode indicates that the number of addresses holding over 10,000 ETH has dropped to a two-year low of 1,095 showing that larger individual holders might be reducing their stakes. This speculatory pattern could contrast with positive institutional developments and affect Ethereum’s price movements.
Price Analysis
Analyzing recent movements in the daily chart reveals that bears seem to be winning as the Relative Strength Index (RSI) hovers around oversold territory with a value of 35. The 9-day exponential moving average (EMA) is currently positioned at $1828 pointing towards bearishness and trading volume increased by 13% over 24 hours.
What’s Next?
It remains uncertain if this current pattern will continue or whether bullish forces will take over and drive prices up to $1,917 level per CoinMarketCap data at time of analysis ($1 802). Whatever happens next will depend on how these contrasting trends develop further particularly if institutional investors decide to act on their interest or not