- Grayscales files for the Ethereum Futures ETFs for the second time under the Securities Act of 1933.
- Analysts are expecting the first Ethereum futures ETFs to come by October next month which can drive the ETH price to $2,000.
The world’s largest digital assets manager Grayscale Investments has reportedly submitted another application for the Ethereum futures exchange-traded fund (ETF) that will track the value of Ethereum futures contracts. This is the second application for Ethereum futures ETF and has a noticeable difference from the first one.
Grayscale has made a fresh submission for an ETF (Exchange-Traded Fund) to the United States Securities and Exchange Commission (SEC). Interestingly, this application has been filed under the Securities Act of 1933, a regulatory framework typically used for commodities and Bitcoin ETFs.
In contrast, Grayscale had previously submitted an application for an Ethereum Futures ETF under the Investment Company Act of 1940. This act is commonly associated with the majority of securities-based ETFs, and it’s the framework under which five other firms have also filed their ETF applications.
The specific reasons motivating Grayscale to file a separate application under a different regulatory act remain unclear at this time.
Ethereum Futures ETFs Coming This October?
Reportedly, the Ethereum futures ETFs, filed by Volatility Shares can arrive in the market by October 12. Six applications for Ethereum ETFs have been submitted, and the SEC appears to be favorably disposed toward allowing their development. Sources with knowledge of the situation suggest that approval for these ETFs could potentially be granted as early as October.
The companies seeking approval for these ETFs include Ether Strategy ETF, Bitwise Ethereum Strategy ETF, Roundhill Ether Strategy ETF, VanEck’s Ethereum Strategy ETF, ProShares Short Ether Strategy ETF, and the Grayscale Ethereum Futures ETF.
Despite these developments, the SEC has refrained from making any official comments, and it remains uncertain which of these firms will secure the initial approvals.
Ethereum Price Could Rally to $2,000
After the strong selling pressure earlier this month, the Ethereum price has bounced back and is currently trading at $1,634 levels with a market cap of $196 billion. If Ethereum manages to maintain its support in the higher range between $1,600 and $1,630, it could enter a consolidation phase with an upper boundary at $1,700 before potentially breaking out towards levels exceeding $2,000.
Analyzing the Moving Average Convergence Divergence (MACD) indicator suggests that sideways trading might prevail until Ethereum’s price overcomes the immediate resistance situated at $1,632. This resistance level is indicated by the 100-day Exponential Moving Average (EMA) marked in blue.
The 50-day EMA, positioned at $1,623, functions as the initial support level, providing reassurance for buyers, especially within the significant congestion zones located at $1,600 and $1,530.
Traders should monitor for a buy signal, which could arise from the momentum indicator. New buy orders or additional purchases might be considered once the blue MACD line crosses above the red signal line on the four-hour chart.
