• Ethereum surged over $1,600 after reports of a new spot ETF application emerged
• Many traders have since taken long ETH positions

As the week neared its end, another Ethereum spot exchange-traded fund (ETF) announcement emerged. This begs the question – Did Ethereum respond in a manner reminiscent of Bitcoin’s reactions to ETF updates in the past?

Read Ethereum (ETH) Price Prediction 2023-24

Ethereum gets five active ETF filings

On October 20, an interesting document came to light, revealing that InvescoUS and Galaxy have made significant updates to their spot Ethereum ETF submission with the Securities and Exchange Commission (SEC). This latest filing was executed through the Cboe exchange, marking it as the fifth live ETH ETF application.

How Ethereum’s price reacted to the filing

The daily Ethereum chart has been showcasing a seesaw pattern of profitability and losses in recent days. However, there’s a notable trend of several days marked by marginal gains, interspersed with occasional significant losses.

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 (RSI).

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Author: Adewale Olarinde

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