Ethereum ETF Resubmitted by Grayscale; No Impact on ETH

• Asset management firms are seeking to establish Ethereum futures ETFs.
• Grayscale Investments has reapplied for an Ethereum futures ETF.
• Ethereum’s value faces potential obstacles at the $1,670 resistance level.

Several asset management companies seek to establish Ethereum futures Exchange-Traded Funds (ETFs) in the wake of the U.S. Securities and Exchange Commission’s (SEC) approval of Bitcoin futures ETFs. This development indicates an increasing confidence level in investment instruments based on cryptocurrencies.

Grayscale Investments, a well-known firm focusing on cryptocurrency investments, has once again applied for an Ethereum futures ETF. This new application is distinct from their previous one as it has been filed under the Investment Company Act of 1940 rather than the Securities Act of 1933, which was used for their prior application. The exact reason for this shift has yet to be explicitly known, but industry experts suggest that Grayscale might be aiming to increase its likelihood of obtaining approval, considering the precedent established by sanctioning Bitcoin futures ETFs under both acts.

Several leading asset management firms have recently filed applications for Ethereum futures ETFs. Noteworthy applicants include Volatility Shares, Bitwise, ProShares, VanEck, and Valkyrie Investments. Along with other companies, the total count of applicants has reached a minimum of 12.

Ethereum Continues to Hold Strong Over $1.6K

Ethereum demonstrated resilience by breaking through the $1,650 resistance level, yet faced a hurdle at $1,660, setting it apart from Bitcoin’s performance. The digital currency tried twice, unsuccessfully, to cross the $1,660 threshold, resulting in a slight downward adjustment.

The price momentarily fell under the $1,650 mark but is now transacting over $1,633 and the 100-hourly simple moving average (SMA). Furthermore, the Ethereum relative strength index (RSI) is approaching the neutral area at 46.25.

Ethereum’s value may encounter potential obstacles, with the next resistance level at $1,670. Should Ethereum achieve a close above this $1,670 resistance, it may drive the price towards the $1,750 resistance area. Further, a surge above $1,820 could elevate Ethereum’s price even higher, aiming for $1,950.

Ethereum could trigger a new decline if it cannot break through the $1,660 resistance level. The initial support on the downside is around $1,635, and the 100-hourly SMA, with a stronger support level, is near $1,620. A significant fall below $1,600 might instigate heightened selling pressure, further influencing the price direction of the cryptocurrency.