Will Ether futures ETFs start trading this week boost cryptocurrency prices?

The start of trading on Ether (ETH-USD) futures ETFs is sometime in the week of Oct 2nd. A few ETFs are lining up for the opportunity and aiming for capital appreciation by investing in Ether futures contracts:

VanEck Ethereum Strategy ETF

Hashdex Nasdaq Ethereum ETF

Grayscale Ethereum Futures Trust ETF

There are some similar, well-known, and heavily traded crypto financial products provided by Grayscale, such as $GBTC, and $ETHE. These cryptocurrency ETFs will allow investors to invest in cryptocurrencies using their retirement funds such as 401K, IRA accounts, etc., and increase the general accessibility of the cryptocurrency world. 

Will $ETH break above $1900 this week?

We saw $ETH and $BTC pushed up this weekend on this Ether ETF news. 

$ETH daily and weekly 4/8 day EMA merge and ready to break out. The last time we had the same technical setup was March 2023, where $ETH moved from 1362 to 2100, about +57%. With the $ETH ETFs starting to trade this week, we might see multiple weeks of $ETH upside from here. 

Of course, the general market, such as S&P500, bond markets, etc. needs to hold up here, and the general market has been relatively weak in September 2023 due to the Federal Reserve’s hawkish rate hike statement. 

However, even though $BTC bitcoin and the general market, such as S&P500 $SPY, were highly correlated between Jan 2023 and Aug 2023, $BTC bitcoin has decoupled from the general market since Sept 2023. This fact gives investors more optimism that crypto assets such as $BTC and $ETH will push up further from here upon the Ether future ETF news.

$ETH technical levels:

Upside: 1731.3, 1765, 1903.3 

Downside: 1650.2, 1579.5

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