02.10.202309:40 Forex Analysis & Reviews: Technical Analysis of ETH/USD for October 2, 2023

Crypto Industry News:

Bitwise revealed that it has already planned the launch of the Bitwise Ethereum Strategy and Bitwise Bitcoin and Ether Equal Weight Strategy ETFs. This will give investors access to ether-based futures contracts.

What experts who deal with the ETF market predicted is happening. In October, funds based on ether futures will appear on the market. As we wrote on Friday, VanEck has already launched its campaign promoting such funds.

Now Bitwise's chief investment officer, Matt Hougan, has commented on similar products.

"Some investors see Ethereum as an alternative [to bitcoin], while others see it as a conventional investment," he said.

Apart from the role of ether on the market, new ETFs will certainly drive growth in the cryptocurrency market. This is not the end of the reasons for celebration, as many companies are currently trying to create Ethereum ETFs and are also waiting for approval of applications for the creation of an ETF of the Bitcoin spot market.

Bitwise, BlackRock, Invesco and Valkyrie are still waiting for approval of their applications regarding the Bitcoin spot ETF. These are to be approved by the United States Securities and Exchange Commission (SEC).

Technical Market Outlook:

The ETH/USD pair has tested the key short-term technical resistance located at the level of $1,744. The new swing high was made at the level of $1,753, but due to the extremely overbought market conditions on the H4 time frame chart the bulls pulled-back lower. The next target for bulls is seen at the level of $1,800 and $1,811. The intraday technical support is seen at $1,666. The strong and positive momentum supports the short-term bullish outlook for ETH.

Weekly Pivot Points:

WR3 - $1,765

WR2 - $1,743

WR1 - $1,731

Weekly Pivot - $1,721

WS1 - $1,708

WS2 - $1,699

WS3 - $1,676

Trading Outlook:

The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.