Ethereum (ETH) Holds Above $1,600 Despite ETF Failure

Ethereum (ETH) price has bounced off an ascending support line that has been in place for almost 500 days.

Shortly after the rebound, Ethereum broke through a shorter-term descending resistance line

Ethereum bounces off 500-day support

Technical analysis of the daily timeframe shows that ETH has been rising since September 11th. At that time, the price rebounded from the long-term upward support of the trend line, which is already 473 days old. This moment is marked with a green icon on the chart.

After forming a higher low on September 28, ETH broke through a short-term descending resistance line. This allowed the price to reach a high of $1,751 on October 1st.

However, then the asset’s rate decreased, as did the quotes of most other cryptocurrencies

In terms of ecosystem news, we would like to remind you that crypto broker Valkyrie recently transformed its Bitcoin futures exchange-traded fund (ETF) by adding Ethereum futures . Previously, the editors of BeInCrypto already reported that the Securities and Exchange Commission (SEC) may rush to make a decision on the new ETF, and the regulator actually issued permission to Valkyrie on September 28.

On October 2, nine Ethereum futures ETFs launched in the United States . However, the volume of trading in shares of the new funds amounted to less than $2 million, not justifying the hopes placed on them

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