Ethereum Price Prediction As Ether Futures ETFs Perform Dismally, Sell-Off On The Horizon?

Ethereum price back in the red with support at $1,650 standing strong after investors bought the rumor to sell the Ether futures

ETFs news.

The crypto market started October with a bang, led by Ethereum

price reclaiming resistance at $1,700 and topping out at $1,750, while Bitcoin blasted through $28,000 resistance before hurrying back to $27,468 on Tuesday.

As expected, the US Securities and Exchange Commission (SEC) approved several Ether futures exchange-traded funds (ETFs) on Friday but trading kicked off for the first in the country on Monday.

The bullish outlook swept across the crypto market divide thanks to the hype around the ETFs' approvals. However, as quickly as the uptrend occurred, prices rolled back, with Ethereum price down 4.3% to $1,653.

Ethereum Price Wobbles As Ether Futures ETFS Get Dull Welcome.

Despite the excitement around

the greenlighting of Ether futures ETFs,

investors bought the rumor and sold the news. In other words, holders booked positions in ETH ahead of the approvals for short-term speculation and sold after the SEC's green light.

Meanwhile, nine Ether futures ETF products that started trading on Monday barely managed to hit $2 million in total trading volume. According to Bloomberg ETFS analyst, Eric Balchunas, it was a "pretty meh day of volume... lower than I would have predicted."

The dull show could imply that investors "prefer physical to derivatives" ETF products. However, the time of the cannot be compared to when Bitcoin futures ETFs launched in the US in 2021 at the peak of the bull market, hitting over $200 million volume in 15 minutes.

Valkyrie's Bitcoin Strategy ETF, which tracks both Ether and BTC futures emerged as the most popular futures product, with a total of $888k on the first day. As reported, this product has been trading since 2021

but was modified to include ETH.

$ETH