The news about ARK Invest submitting a proposal for the world's first Ethereum Spot ETF on September 6, 2023, has stirred up the market. This submission is considered the first of its kind globally, raising hopes that cryptocurrencies are now being recognized as a valid alternative investment. This sentiment is reinforced by the fact that Ethereum is seen as a more modern version of Bitcoin with various additional features.
However, the market's movement following this submission may be more a result of FOMO (Fear of Missing Out), considering that ETF proposals submitted by entities like Ark Invest have not yielded positive news. This could indicate that market confidence in the ETH ETF is still not strong enough, potentially leading to the relatively stable crypto asset price movement we are currently witnessing in a sideways phase.
Nevertheless, there is potential for Ethereum's price to increase in the coming days. Currently, Ethereum is trading at around $1,640 and has the potential to rise to approximately $1,686, with a potential profit of +2.89%. However, it's essential to monitor a crucial resistance level around $1,657.
However, the market's movement following this submission may be more a result of FOMO (Fear of Missing Out), considering that ETF proposals submitted by entities like Ark Invest have not yielded positive news. This could indicate that market confidence in the ETH ETF is still not strong enough, potentially leading to the relatively stable crypto asset price movement we are currently witnessing in a sideways phase.
Nevertheless, there is potential for Ethereum's price to increase in the coming days. Currently, Ethereum is trading at around $1,640 and has the potential to rise to approximately $1,686, with a potential profit of +2.89%. However, it's essential to monitor a crucial resistance level around $1,657.