Ethereum

Rally

United

The Protocol

Galaxy

<ul> 
 <li><strong>The price recently broke above the key resistance area around $1656.</strong></li> 
 <li><strong>If bulls could maintain the momentum then price is likely to test the $1710 level.</strong></li> 
</ul> 
<p>VanEck plans to give The Protocol Guild, a group of 152 people working on the fundamental protocol for Ethereum, ten percent of its Ethereum Strategy exchange-traded fund’s profit for at least ten years. VanEck also complimented the Ethereum developers for their tenacity in creating and maintaining this shared infrastructure over almost a decade.</p> 
<p>Moreover, on September 29th, Invesco and Galaxy Digital purportedly submitted paperwork to the United States Securities and Exchange Commission (<a href="https://thenewscrypto.com/sec-delays-multiple-spot-bitcoin-etf-applications-including-blackrocks/" target="_blank" rel="noreferrer noopener">SEC</a>) for a spot Ethereum ETF. The submission was made public on Twitter by James Seyffart, an ETF analyst for Bloomberg. Invesco and Galaxy are the latest fund managers to seek regulatory clearance for a spot ETH ETF, having done so on September 29.</p> 
<h3 class="wp-block-heading" id="h-bulls-in-control">Bulls in Control</h3> 
<p>There is a possibility that Ethereum’s price may break out in a positive direction over $1,700 as bulls are striving hard. Potentially, this means that purchasers have absorbed the bearish pressure and <a href="https://thenewscrypto.com/bulls-drive-ethereums-price-above-1650-as-market-rebounds/" target="_blank" rel="noreferrer noopener">ETH</a> is poised to continue its upward path.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img decoding="async" width="660" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap-6.png" alt="" class="wp-image-83157" srcset="https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap-6.png 660w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap-6-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap-6-150x81.png 150w" sizes="(max-width: 660px) 100vw, 660px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div> 
<p>At the time of writing, ETH is trading at $1676, up 0.35% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 45.83%. The price recently broke above the resistance area around $1656. If bulls could maintain the momentum then price is likely to test the $1710 level. Further price increase can lead to a strong rally towards $2000 resistance level.</p> 
<p>However, if the price goes below the $1540 support level then it will likely test the $1427 level. Further decline could lead the prices all the way till $1100 key support level.</p>

Ethereum’s Price Eyes Further Rally as Bulls Hold Their Ground

Table of Contents

TheNewsCrypto

Other articles published on Sep 30, 2023

Bitcoin service provider Azteco secures $6m in Jack Dorsey-led fundraiser

Circle Launches Perimeter Protocol for Tokenized Credit Markets, OpenTrade Embraces the Trend

Solana's 6.36% Surge to $21.58: Key Insights for September 30, 2023

Elrond Price Prediction 2024, 2025, 2030: Will EGLD Price Reclaim $100 This Year?

Gemini Halts Operations in Netherlands Amid Regulatory Challenges

GMX’s Million-Dollar Mystery: Unmasking the Bug Bounty That Rocked DeFi

Join our free newsletter for daily crypto updates!