Bulls Drive Ethereum’s Price Above $1650 as Market Rebounds

• Seyffart speculates that VanEck’s new ETF might be live as soon as October 2.
• The crypto market was under intense selling pressure prior to this recovery.

VanEck, a major investment management firm, has announced its plan to create the VanEck Ethereum Strategy Exchange Traded Fund (EFUT), a significant step that reflects the rising acceptability of cryptocurrencies in conventional finance. This follows the company’s prior entrance into the cryptocurrency sector with the launch of its Bitcoin Strategy ETF.

The EFUT, or VanEck Ethereum Strategy ETF, is unlike any other exchange-traded fund. This ETF was created with futures contracts for Ethereum (ETH) in mind, with the intention of profiting from any rise in value of the ETH. To be clear, the EFUT will not be investing in Ethereum or any other cryptocurrency via direct investment.

Early Launch Anticipated

Two television commercials put out by VanEck have sparked speculation that Ethereum futures ETFs may launch sooner than expected, according to Bloomberg ETF experts Eric Balchunas and James Seyffart.

Seyffart speculates that VanEck’s new ETF might be live as soon as October 2. Despite a paper dated September 29 indicating the initiative wouldn’t take effect for another 60 days, it seems that time has come.

At the time of writing, ETH is trading at $1673, up 3.40% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 18.24%. The price has been witnessing strong bullish momentum and has recently breached the $1650 resistance level. The crypto market was under intense selling pressure prior to this recovery.

If the price manages to hold above this support level then it will likely test the $1730 resistance mark. On the other hand, if the price manages to go below the $1630 support level, then it will likely test the $1588 support level.