Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• The higher-frame market structure was bullish at press time.
• A key whale category accumulated in September. 

Ethereum [ETH] prices are in the crosshairs as the Spot and Future ETH ETFs (Exchange-traded Funds) showdown extends. Some players believe an approval could suffice as soon as the first week of October. 

Read Ethereum’s [ETH] Price Prediction 2023-24

In the meantime, ETH’s press time value was comfortably above $1640 and a recent high, flipping the higher timeframe market structure into a bullish bias. 

ETH clears key roadblock

The bearish order block of $1623 – $1660 (cyan) has been a key roadblock and resistance level in September. However, ETH mounted above it at press time, flipping the H12 market structure bullish and favoring bulls. 

Besides, price action was above the short-term trend, as demonstrated by the price being above 50-EMA (Exponential Moving Average). Consequently, the recent massive buying pressure and capital inflows confirmed by positive RSI and CMF could favor bulls. 

In case of an ETF approval, such a catalyst could tip ETH to front a bullish breakout and reclaim $1700. The next bullish targets in such a case will be the $1800 and $1900 in the m

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Author: Benjamin Njiri

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