ETHUSD (Ethereum) – Week 16 – Loading the next up move

Regulators accepted three separate Ethereum ETFs in a single day, giving Canadian investors a plethora of options for gaining exposure to Ethereum (ETH) through an ETF. Canadian regulators have given permission to Purpose Investments, Evolve ETFs, and CI Global Asset Management to launch Ethereum-backed ETFs today. The ETFs will be the first ETH ETFs in North America, and will be among the first in the world.

Chicago-based financier Rothschild Investment Corporation, a 211-year investment firm purchased over 265,302 shares of the Grayscale Ethereum Trust (ETHE), marking its first-ever investment into ETH, the asset powering the world’s most-used blockchain.

Ethereum, short term has a high probability of making a deeper pullback here. Potential targets of reversal to the upside are the blue trendline marked on the chart and the support area, although the blue trendline seems more likely. So, we expect the price to fall to $2200 per ETH before rising again.
Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.