– 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.