Ethereum: Unable to rally as new future ETFs volumes disappoint

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<li>Cryptos struggle as relentless Treasury selloff continues; 10-year yield rises 5.2bps to 4.731%</li>
<li>Proshares Ethereum ETF (EETH) traded only 21,000 shares</li>
<li>VanEck’s Ethereum Strategy ETF (EFUT) traded only 29,000 shares</li>
</ul>
<p>Over the past several months the focus in the cryptoverse has been on whether the SEC will approve a spot Bitcoin ETF. Hampered by SEC delays, sentiment for cryptos have struggled immensely, especially given the chaos sparked by the bond market.</p>
<p>Sentiment could be improving given the SEC has just approved a handful of Ether futures ETFs.  Bitcoin future ETFs already exist, but the SEC decision to give approval to Ethereum is somewhat news considering it has always been thought as a bigger risk to getting the security tag.</p>
<p>Ethereum posted a nice rally to start the week following the ETF launches done by Valkyrie, VanEck, Proshares, and Bitwise.  The massive Ethereum ETF launch was to make sure everyone had a fair chance, which is what not happened a couple years ago for Bitcoin when BITO launched alone and dominated the ETF market share.</p>
<p><span>Ethereum Daily Chart</span></p>
<p><a href="https://www.marketpulse.com/wp-content/uploads/2023/10/ETHUSD_2023-10-03_07-50-16.png"><img loading="lazy" class="alignnone size-large wp-image-807908" src="https://www.marketpulse.com/wp-content/uploads/2023/10/ETHUSD_2023-10-03_07-50-16-1024×522.png" alt="" width="700" height="357" srcset="https://www.marketpulse.com/wp-content/uploads/2023/10/ETHUSD_2023-10-03_07-50-16-1024×522.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/10/ETHUSD_2023-10-03_07-50-16-300×153.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/10/ETHUSD_2023-10-03_07-50-16-768×391.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/10/ETHUSD_2023-10-03_07-50-16-1536×783.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/10/ETHUSD_2023-10-03_07-50-16.png 1597w" sizes="(max-width: 700px) 100vw, 700px" /></a></p>
<p>Ethereum’s Monday pump was faded on both disappointing ETF trading volumes and as prices quickly respected a confluence of resistance from the 50- and 200-day SMA. The death cross that formed at the end of August saw bearishness tentatively exhausted after making a low at $1531 on September 11^th.</p>
<p>Ethereum could start attracting more interest once price closes above the $1810 level. Ethereum’s more diversified blockchain ecosystem has yet to trigger a gamechanger for the use-case argument for cryptos, but optimism remains that some of its products and offerings are driving the majority of the interest. If bearishness resumes, downside targets include $1510, which is the 50% retracement of the 2022 low to 2023 high move.</p>