Ethereum

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Investors, traders, and enthusiasts around the globe are eagerly monitoring ETH’s price movements, and one question that frequently arises is: “Why is the ETH price up today?” 
Ethereum’s price is up today as traders assess a slew of positive updates from crypto and macro markets. According to <a href="https://www.binance.com/en/price/ethereum" rel="nofollow noopener" target="_blank">Binance,</a> at the time of writing, the live price of Ethereum is $1,668.63 per (ETH / USD) with a current market cap of $ 200.63B USD. Ethereum is +0.77% in the last 24 hours with a circulating supply of 120.24M. 
<h2 class="wp-block-heading" id="eth-price-remains-unfazed-by-market-downturns-why">ETH price remains unfazed by market downturns – Why?</h2> 
The price of Ether rose nearly 2.5% on September 29 to $1,688, its greatest level in a month. 
The intraday gains were part of a larger upward trend that began the day before when asset manager Valkyrie received regulatory approval to include Ethereum futures exposure in its existing Bitcoin Strategy ETF (BTF). 
The announcement was made alongside rumors that the U.S. Securities and Exchange Commission (SEC) may authorize the launch of “a bunch of Ethereum futures ETFs” next week. This includes fifteen ETH futures ETFs pending approval from nine issuers. 
The influx of capital into ETH Derivatives markets was precipitated by the imminent approval of an Ethereum ETF. How high can ETH prices go if the market projections hold true? 
On September 27, the aggregate ETH Open Interest was $4.16 billion. Within 24 hours of the announcement, the sum had risen to $4.51 billion. This indicates that investors have contributed $450 million to the ETH Futures market in anticipation of an ETH ETF being approved by the US Securities and Exchange Commission. 
<h2 class="wp-block-heading" id="pce-report-boosts-risk-appetite-directly-affecting-ether">PCE report boosts risk appetite, directly affecting Ether</h2> 
The latest U.S. core personal consumption expenditures (PCE) statistics, widely regarded as the Federal Reserve’s favored inflation gauge, provided a further lift to Ethereum. 
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Notably, the PCE gained 0.1% in August, falling short of the market’s anticipation of 0.2%. This helped take some of the sting out of otherwise growing US government yields, allowing non-yielding assets like stocks and cryptocurrencies to climb. 
Cooling inflation suggests that the Fed may maintain interest rates constant in the current 525-550 basis point (bps) range. CME Fed futures rate data indicates an 87.5% chance of a rate pause at the upcoming Federal Open Market Committee (FOMC) meeting on November 1. 
The price gains for Ethereum on September 29 correspond with short liquidations totaling $7.88 million across Ether-related futures. Long holdings of $1.7 million were liquidated on the same day, in comparison. 
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Short sellers were able to close their positions by purchasing the underlying asset. As a result, the combination of fresh purchasers and short liquidations drove up the price of Ether.&nbsp; 
<h2 class="wp-block-heading" id="how-high-can-eth-go">How high can ETH go?</h2> 
Based on the key data points examined above, ETH might recoup $2,300 if the anticipated spot market reaction is triggered by <a href="https://www.cryptopolitan.com/bitwise-shifts-gears-ethereum-futures-etfs/">ETF approval.</a> While Ethereum whales bank on Valkyrie Funds, the entity has made surprising changes. 
Eleanor Terret, a journalist for Fox Business, was the first to reveal the change via her X account, sparking widespread speculation in the crypto community. According to Terret’s post, Valkyrie Funds has decided to unwind any existing positions in Ethereum futures contracts that were purchased just about 24 hours prior.&nbsp; 
In addition, the company has made it clear that it will refrain from purchasing any additional <a href="https://www.cryptopolitan.com/effect-of-btc-etfs-on-the-crypto-market/">ETH futures </a>until a necessary amendment to the fund’s registration statement takes effect. At this time, the precise nature of the proposed amendments is unknown.&nbsp; 
Notably, such alterations frequently reflect modifications to the fund’s investment strategy, risk management, or operational aspects. It is likely that Valkyrie Funds is adopting a prudent approach, ensuring that its fund conforms to evolving regulatory standards.&nbsp; 
This sudden decision by Valkyrie Funds has investors and enthusiasts avidly awaiting an official statement that clarifies the motivations behind this action.

Why is the ETH price up today?

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