In recent hours, Ethereum (ETH), the world’s second-largest cryptocurrency, has experienced substantial gains, surging by over 3.5%. This surge has brought ETH closer to the $1,750 mark, just ahead of the highly anticipated launch of Ethereum Futures ETFs on October 2.

As previously reported, the Bitwise Ethereum Futures ETF is scheduled to go live today. The surge in ETH’s price has seen it surpass the critical $1,700 level, coinciding with its 100-hourly Simple Moving Average (SMA). However, as ETH eyes further gains, it could encounter formidable resistance at the $1,750 level.

Price Levels to Watch

Should Ethereum struggle to breach the $1,750 resistance, a potential corrective move to the downside may occur. Initial support can be found near the $1,710 level, with the next significant support resting at $1,680.

Furthermore, the 76.4% Fibonacci retracement level, calculated from the recent rally extending from the $1,668 swing low to the $1,756 high, is closely aligned with $1,685, serving as an additional support zone. A breach below this $1,685 support could trigger a test of the $1,650 support. If breached, it might usher in a new bearish trend, potentially leading to a decline toward the $1,600 level.

On the flip side, the next notable resistance level is situated at $1,800. A decisive breach of this resistance zone could pave the way for a more substantial upward momentum. In such a scenario, the price might set its sights on the $1,850 resistance, with the possibility of further gains towards $1,920. Beyond that, the path could open up towards the coveted $2,000 mark.

Ethereum Accumulation by Whales

Recent on-chain data from Lookonchain indicates a notable increase in Ethereum accumulation, coinciding with the surge in ETF filings. Notably, a specific entity, identified as “whale” at address “0x7838,” recently withdrew 4,288 ETH, equivalent to $7.2 million, from Binance and proceeded to stake it.

Additionally, a new wallet labeled as “0x4b7B” withdrew 9,530 ETH, valued at $16 million, from the same platform and similarly engaged in staking activities. These actions have added momentum to Ethereum’s market dynamics.

As of the latest analysis conducted on September 27, there are currently 15 Ether futures ETFs awaiting approval from nine different issuers. Some well-known names among these issuers include VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion, and Roundhill.

Analysts have expressed a 90% likelihood of Ether futures ETFs launching in October. Among them, Valkyrie’s Bitcoin futures product is set to become the first to offer exposure to Ether, starting from October 3.

In conclusion, Ethereum’s recent price surge is setting the stage for an exciting period ahead, marked by the launch of Ethereum Futures ETFs. Traders and investors will closely monitor key price levels, while Ethereum whales continue to accumulate, adding to the anticipation of what lies ahead for the world’s second-largest cryptocurrency.