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Ethereum (ETH) price is forming what appears to be an ascending trendline, establishing higher highs and higher lows. This has happened over the past three days as BTC draws nearer to the $1,700 mark, and now investors wonder whether a new surge is underway.
Ethereum Price Shows Signs Of Uptrend – Why?
The optimism indicated in the ETH market comes from the Ethereum Exchange Traded Fund (ETF) hype. According to reports in the Wall Street Journal, approval for this application may come faster than that of BTC. Based on the publication, the US Securities and Exchange Commission (SEC) is considering green-lighting multiple Ethereum ETFs for simultaneous listing.
If the financial regulator follows through with this speculation, it will mark a watershed moment in the crypto scene. Specifically, this would be the first time an Ethereum-based ETF would be available to investors in the United States.
It is worth mentioning that Volatility Shares revealed intentions to introduce an Ethereum futures ETF come October 12. The firm is among the few that the SEC has not asked to withdraw their application. This points to a promising outlook since its filing in July. Valkyrie, an asset management firm, has also applied for an ETH futures ETF.
Introducing an Ethereum futures ETF in the US could lead to more institutional capital entering the ETH market. Akin to what happened in December 2017 when the SEC launched a BTC futures ETF, the market witnessed a significant price surge. The same could repeat, with Ethereum prices skyrocketing. If it happens, this could be the impulse that drives Ethereum’s price, potentially putting it at an all-time high.
Ethereum ETFs As A Possible Catalyst for Ethereum Price
From an onlooker’s perspective, the current performance of Ethereum price is trading below its range of $2,142. Nevertheless, bolstered by the news around the possibility of ETF listings could catapult the value of ETH. It could act as a significant bullish catalyst, with the anticipation of heightened interest by institutional players to legitimize ETH serving as an investment vehicle, driving massive demand to push the price forward.
Suffice it to say, however, that although the news inspires optimism, the actual impact on ETH price depends on multiple factors. For one, broader market sentiment has a role, as do regulatory developments and the ETFs going live. For this reason, investors must make decisions after doing their research.
Ethereum Price Forecast As ETH Draws Near $1,700 Mark
Ethereum price is nurturing an uptrend, but this could only sustain if bullish momentum continues to rise. If it does, ETH could rise above the $1,714 resistance level. A recovery of all the ground lost during the August 17 crash could follow, setting the Proof-of-Stake token above the mid-May highs at around $1,813.
ETH could shatter the $1,891 resistance level in a highly bullish case to test the formidable multi-month range that kept ETH stunted between May 5 and July 14. Increased buyer momentum past this zone could set the pace for a foray above the psychological $2,000, possibly breaching the $2,005 resistance level. Such a move would constitute a 20% climb above current levels.
Bolstering this thesis is the fact that the Relative Strength Index is pushing north. It managed to do so during the weekend, despite the retail market being asleep. The uptrend for the RSI points to rising momentum that could increase Ethereum prices.
Conversely, it is impossible to overlook that while the overall outlook for the RSI is upward, it is beginning to flatten out. This shows that bullish momentum is easing. Similarly, the histogram bars of the Awesome Oscillator are in the negative zone. This shows that bears are still active, and the Ethereum price could correct south. In this case, the optimistic outlook could be invalidated if Eth slips below the $1,627 support level.
Meanwhile, LPX has presented as a promising alternative, developing an easy-to-use community-driven ecosystem. This platform positions you to make the most of the next bull run. The token will launch soon, and analysts are optimistic about t.
Promising Alternative To ETH
LPX is the ticker for the Launchpad XYZ ecosystem. The project provides the training requisite for successful trading. This empowers Web3 users, regardless of their experience level, to maximize their profit potential.
How Launchpad Empowers Traders
The project trains users to identify liquidity zones critical for asset pumps or dumps. Launchpad XYZ gives you the best success chances by making you understand how the Web3 markets work and ensuring you know how to create your trading framework.
The project trains users on detailed analytics and insights into news and market sentiment. With the right skills, you could determine which projects are poised to record massive success and therefore poised for significant financial upside.
The project has raised $1.356 million in presale sales, with one LPX token going for $0.0445 at current rates. The token price will then rise to $0.046 in the following step. The presale has been split into ten phases, leading to the token’s listing price of $0.0565. Here is a guide on how to buy LPX tokens here.
Interested investors should buy LPX tokens in its presale for early entrant discounts. Once it lists on public exchanges, the price will increase. Use the easy-to-use widget on the official website to purchase LPX using ETH, Binance coin (BNB), Tether (USDT), or a bank card.
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