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  • 24h Vol: $61,710,975,435.60
  • BTC Dominance: 49.64%
What is the reason behind the increase in Ether (ETH) price today?

What is the reason behind the increase in Ether (ETH) price today?

– Ether’s price is up today as traders consider the possibility of an Ethereum futures ETF launching and a weaker than expected inflation print.

– Asset manager Valkyrie gaining regulatory approval to add Ethereum futures exposure to its existing Bitcoin Strategy ETF has contributed to the rise in Ether’s price.

– The U.S. Securities and Exchange Commission (SEC) may approve multiple Ethereum futures ETFs for launch next week, including fifteen ETH futures ETFs from nine issuers.

– The latest U.S. core personal consumption expenditures (PCE) data, which showed lower than expected inflation, has also boosted Ethereum’s price.

– A cooling inflation suggests that the Federal Reserve may keep interest rates unchanged, which has helped non-yielding assets like stocks and cryptocurrencies rise.

– Short liquidations worth $7.88 million across Ether-tied derivatives have coincided with Ether’s price gains on September 29.

– The combination of new buyers and short liquidations has pushed up the Ether price.

– Technically, the upside move in the Ethereum market has pushed the Ether price above its 50-day exponential moving average (50-day EMA), enabling it to target $1,740 as its next upside target.

– Breaking below the 50-day EMA support raises the risk of Ether falling toward the 0.5 Fib line near $1,610 in October.

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