Ethereum prices remain volatile despite positive market performance, CoinCu reported. Ark Invest's ETF application had little impact on Ethereum prices, briefly reaching $1,650. Hackers attacked Ethereum co-founder Vitalik Buterin's Twitter account, but Ethereum prices remained above $1,600, eyeing Fibonacci levels. Despite a good week, Ethereum prices are still affected by market sentiment.
On September 6, Ark Invest applied to establish the first Ethereum spot exchange-traded fund (ETF) in the United States, which attracted attention. This move had a small impact on its price, which briefly hit $1,650 the next day before falling back. The gains brought by this major development were almost completely wiped out.
In another incident, Ethereum co-founder Vitalik Buterin's X account (the new brand after Elon Musk acquired Twitter) was hacked. The hacker posted a phishing link and tried to defraud Buterin's fans with suspicious "commemorative" non-fungible tokens (NFTs). According to reports, multiple NFTs were stolen after the attack.
It is noteworthy that despite the network attack, ETH price has remained relatively stable. Trading above the strong support level of $1,600 reflects the confidence of bullish investors. The focus now turns to key price levels, with $1,655 (23.6% Fibonacci level) and $1,730 (38.2% Fibonacci level) within reach. However, these levels depend on market conditions. If Bitcoin continues to move in a bearish direction, Ethereum may find it difficult to maintain the $1,600 support level.
