This might be another clear indication of a 'sell the rumour, buy the news' scenario as news of an Ethereum spot ETF caused the price to...
Ethereum’s ETF journey gained momentum with the fifth filing, fueling a 2.3% price surge above $1,600. Optimistic traders see a bullish trend amid anticipation.spot exchange-traded fund announcement emerged. This begs the question – Did Ethereum respond in a manner reminiscent of Bitcoin’s reactions to ETF updates in the past?ETF submission with the Securities and Exchange Commission . This latest filing was executed through the Cboe exchange, marking it as the fifth live ETH ETF application.
Notably, October 20 saw a remarkable upward surge in price, coinciding with the spot ETF update. On this pivotal day, ETH noted an impressive gain of more than 2.3%, breaching the $1,600-threshold. This hike pushed ETH’s price comfortably above the neutral line of its Relative Strength Index .was still holding its value above $1,600, albeit with a slight hike of less than 1%. The RSI continued to trend above the neutral line, though a slight dip was evident too.
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