Ethereum

Bitcoin

<ul>
 <li><strong>Ethereum ETFs have not received the same level of enthusiasm as Bitcoin ETFs.</strong></li>
 <li><strong>The $1,550 support level is crucial; if it breaks, ETH may drop to $1,375.</strong></li>
</ul>
<p>Ethereum (ETH) faced a lackluster <a href="https://thenewscrypto.com/ethereum-scaling-solution-scroll-launches-mainnet/" target="_blank" rel="noopener noreferrer nofollow">response to the launch</a> of its futures Exchange-Traded Funds (ETFs), in stark contrast to the initial enthusiasm seen with Bitcoin (BTC) futures ETFs. Over recent weeks, trader activity has dwindled, resulting in remarkably low transaction fees on the Ethereum network, the lowest since late 2022.</p>
<p>On a recent trading day, Ethereum’s value experienced a decline, hovering around the $1,580 mark. After briefly reaching a high of $1,584 on Wednesday, ETH/USD saw an intraday dip to $1,548.</p>
<h3 class="wp-block-heading" id="h-ethereum-eth-a-performance-overview">Ethereum (ETH) – A Performance Overview</h3>
<p>The $1,550 support level is currently undergoing a critical test. If it holds, there is a chance for the bulls to maintain the price in the current range near $1,600. However, if this support level breaks, the <a href="https://thenewscrypto.com/ethereum-eth-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">next support</a> at $1,500 may not be sufficient to prevent a further decline, potentially leading to a drop to $1,375.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="521" src="https://thenewscrypto.com/wp-content/uploads/2023/10/ETH-Ethereum-1024x521.png" alt="" class="wp-image-84157" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/ETH-Ethereum-1024x521.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/10/ETH-Ethereum-300x153.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/ETH-Ethereum-768x390.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/10/ETH-Ethereum-150x76.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/10/ETH-Ethereum.png 1304w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Ethereum (ETH) Price Chart (Source: TradingView)</em>
  </figcaption>
 </figure>
</div>
<p>The fate of Ethereum’s price is also intertwined with market sentiment, hinging on the SEC’s potential approval of the ETF and the continued interest in cryptocurrency derivatives. The <a href="https://thenewscrypto.com/ethereum-eth-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">primary resistance level</a> of Ethereum remains at $1,750, a level that has previously influenced the price. The next significant target is the $1,975 mark, which holds more significance.</p>
<p>At the time of writing, ETH is trading at $1,552, showing a 1.50% decline over the past 24 hours and a 0.79% decrease over the last month. Further, the daily trading volume has dropped by approximately 11% in the past 24 hours. However, there is still potential for short-term bullish sentiment to persist, with a key resistance level around the $1,600 range.</p>

Ethereum (ETH) Testing $1,500 Support: More Dump Expected?

Table of Contents

TheNewsCrypto

Other articles published on Oct 19, 2023

Bitcoin Halving 2024: Historical Trends and Influencing Factors

SEC drops lawsuit against Ripple XRP Executives

BRICS: China Dumps Another $22 Billion in US Treasuries & Stocks

Best Real Money Online Casinos In The USA

Morgan Stanley says crypto winter may be over

XRP NEWS: SEC Drops Lawsuit Against Ripple $XRP Executives, XRP will Reach $10 Soon?

Join our free newsletter for daily crypto updates!