Introduction:

Ethereum, the world’s second-largest cryptocurrency, witnessed a dramatic turnaround as bearish sentiment was swiftly reversed, resulting in an $11 million loss for short positions. This sudden shift in fortunes comes on the heels of exciting developments in the form of potential ether futures ETFs in the U.S., prompting a surge in ether prices and heightened trading activity. Here, we delve into the details of this market-altering event and explore other notable developments in the cryptocurrency landscape.

ETHEREUM:

Ethereum bears lose $11M as ETF hopes lift Ethereum prices.

As major financial institutions prepared a formal plan to issue ether futures ETFs in the U.S., short positions on ether (ETH) faced the brunt of futures liquidations over the past 24 hours.

Following news of impending ether futures ETF listings, ether prices increased by as much as 5% and trading volumes increased by about 25%. Friday afternoon in Asia, ether traded at $1,660, boosting gains to more than 6% since Monday.

Prices were probably boosted because traditional financial players, who have so far had few choices to trade the second-largest coin by market value, may have increased their demand for ether in anticipation of a swift approval.

Technical Overview:

Moving Averages:

Exponential:

• MA 5: 1635.36 | Positive Crossover | Bullish
• MA 20: 1606.80| Positive Crossover | Bullish
• MA 50: 1609.02 | Positive Crossover | Bullish

Simple:

• MA 5: 1627.16 | Positive Crossover | Bullish
• MA 20: 1593.85| Positive Crossover | Bullish
• MA 50: 1607.97 | Positive Crossover | Bullish
  
  

RSI (Relative Strength Index): 70.74| Buy Zone |Bullish

Stochastic Oscillator: 100 | Buy Zone | Positive

Resistance And Support Levels:

• R1: 1672.41| R2: 1751.42
• S1: 1604.42| S2: 1518.05

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 1692.62 | Take Profit: 1751.42 | Stop Loss: 1657.71.

Elsewhere In the Crypto Market

Even after repeated spot BTC ETF delays from the US Securities & Exchange Commission (SEC), the price of bitcoin (BTC) is unfazed. Ripple price faces massive seller accumulation.

Bitcoin up (0.11%) at 27,058.00, Ethereum up (1.32%) at 1,674.83, Litecoin up (0.89%) at 65.81, Solana up (4.73%) at 20.16, Doge coin up at (0.56%) at 0.62 as of writing time.

Key Economic Events & Data Release Today:

(USD) Fed Chair Powell Speaks at 01:30.

(EUR) ECB President Lagarde Speaks at 13:10.

(USD) Core PCE Price Index (MOM) (Aug) Forecast 0.2%, Previous 0.2% at 18:00.