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Invesco MSCI USA ETF Experiences Big Inflow

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Invesco MSCI USA ETF (Symbol: PBUS) where we have detected an approximate $169.1 million dollar inflow -- that's a 5.8% increase week over week in o

Invesco MSCI USA ETF Experiences Big Inflow 2023/09/29 11:02

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Oversold Conditions For Corcept Therapeutics (CORT)

Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy when others are fearful. One way we can try to measure the level of fear in a given stock is through a technical analysis indicator called the Relative Strength Index, or RSI, which m

Oversold Conditions For Corcept Therapeutics (CORT) 2023/09/29 11:45

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Why is Ether (ETH) price up today?

Ether’s price is up today as traders weigh the possibility of an Ethereum futures ETF launching and a weaker than anticipated inflation print.

Ethereum’s native token, Ether (ETH), is up today as traders assess a slew of positive updates from cryptocurrency and macro markets.

Ethereum future ETF euphoria behind ETH rise

On Sep. 29, Ether's price rose nearly 2.5% to $1,688, its highest level in a month.

ETH/USD daily price chart. Source: TradingView

The intraday gains came as a part of a broader upside move that started the previous day when asset manager Valkyrie gained regulatory approval to add Ethereum futures exposure to its existing Bitcoin Strategy ETF (BTF).

The news appeared alongside claims that the U.S. Securities and Exchange Commission (SEC) may approve "a bunch of Ethereum futures ETFs" for launch next week. That includes fifteen ETH futures ETFs from nine issuers awaiting approval.

Latest U.S. PCE report boost risk appetite

Ethereum got an additional boost from the latest U.S. core personal consumption expenditures (PCE) data, also known as the Federal Reserve's preferred inflation gauge.

Notably, the PCE rose 0.1% in August, lower than the market's expectations of 0.2%. That helped take some air off from an otherwise rising U.S. bond yields, helping non-yielding assets like stocks and cryptocurrencies rise.

US 10-year Treasury note yield vs. Nasdaq 100 vs. ETH/USD daily performance chart. Source: TradingView

A cooling inflation indicates that Fed may keep its interest rates unchanged at the current 525-550 basis points (bps) range. CME's Fed futures rate data shows a 87.5% possibility of a rate pause in the next Federal Open Market Committee's (FOMC) meeting on Nov. 1.

Fed's target rate probabilities for Nov. 1 2023 meeting. Source: CME

Short liquidations outnumber long

Ethereum's price gains on Sep. 29 also coincides with short liquidations worth $7.88 million across Ether-tied derivatives. In comparison, only $1.7 million worth of long positions were liquidated on the same day.

ETH total liquidations chart. Source: CoinGlass

Short sellers liquidated their positions by buying the underlying asset. Therefore, the combination of new buyers and short liquidations pushed up the Ether price. 

Ethereum price technical analysis

The Sep. 29 upside move in the Ethereum market has pushed the Ether price above its 50-day exponential moving average (50-day EMA; the red wave) near $1,770.

ETH/USD daily price chart. Source: TradingView

Flipping the 50-day EMA from resistance to support enables the ETH price to eye $1,740 in October 2023 as its next upside target. This level coincides with two key resistances: the 200-day EMA (the blue wave) and the 0.382 Fib line.

Related: SEC delays spot Bitcoin ETF decision for BlackRock, Invesco and Bitwise

In addition, the level is $20 shy of Ethereum's falling wedge upside target, as shown below.

ETH/USD daily price chart ft. falling wedge breakout setup. Source: TradingView

However, breaking below the 50-day EMA support raises Ether's risks of falling toward the 0.5 Fib line near $1,610 in October, down about 3.75% from current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.


Why is Ether (ETH) price up today? 2023/09/29 11:28

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Barclays Maintains Zim Integrated Shipping Services (ZIM) Underweight Recommendation

Fintel reports that on September 29, 2023, Barclays maintained coverage of Zim Integrated Shipping Services (NYSE:ZIM) with a Underweight recommendation.

Barclays Maintains Zim Integrated Shipping Services (ZIM) Underweight Recommendation 2023/09/29 12:06

Piper Sandler Maintains PayPal Holdings (PYPL) Neutral Recommendation

Fintel reports that on September 29, 2023, Piper Sandler maintained coverage of PayPal Holdings (NASDAQ:PYPL) with a Neutral recommendation.

Piper Sandler Maintains PayPal Holdings (PYPL) Neutral Recommendation 2023/09/29 12:02

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U.S. Stocks: Will the "October Effect" Add More Volatility After a Dismal September?

September certainly lived up to its reputation as the worst month for stocks. Will the first month of Q4 bring any relief - or will the dreaded "October effect" be at play?

U.S. Stocks: Will the "October Effect" Add More Volatility After a Dismal September? 2023/09/29 11:05

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Rising Bond Yields, Oil Prices Highlight Final Week of the Quarter

Things got off to a rocky start Monday, with the Dow Jones Industrial Average (DJI) eyeing its fifth-straight skid, though the blue-chip index managed to turn things around by the end of the day. The week's theme solidified itself early on, however, as all eyes turned towards su

Rising Bond Yields, Oil Prices Highlight Final Week of the Quarter 2023/09/29 11:28

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UAW set to expand strike on Detroit 3 US automakers - UAW

The United Auto Workers are set to expand their strike of Detroit Three factories and walk off the job at one additional assembly plant at General Motors, Ford and Stellantis, three sources familiar with the matter said Friday.

UAW set to expand strike on Detroit 3 US automakers - UAW 2023/09/29 10:35

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Baird Maintains Elastic N.V (ESTC) Outperform Recommendation

Fintel reports that on September 29, 2023, Baird maintained coverage of Elastic N.V (NYSE:ESTC) with a Outperform recommendation.

Baird Maintains Elastic N.V (ESTC) Outperform Recommendation 2023/09/29 12:10

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Disney (DIS) Set to Start Password Sharing Crackdown in Canada

Disney DIS is set to start restricting password sharing for Disney+ in Canada. Per a recent report by The Verge, the company has already informed its Canadian Disney+ subscribers through email that the restriction will begin from

Disney (DIS) Set to Start Password Sharing Crackdown in Canada 2023/09/29 10:16

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Crypto for Advisors: AI - Friend or Foe to the Advisor?

New technology often scares people. It can change the status quo and disrupt people's comfort zones, and history has shown that untested technology can have unintended consequences. As Artificial Intelligence has arrived on the scene, we've seen an influx of capital into AI start

Crypto for Advisors: AI - Friend or Foe to the Advisor? 2023/09/28 11:45

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Manifesting Responsible AI: Blockchain Meets Artificial Intelligence

AI regulation is coming. When blockchain meets AI, we can achieve Responsible AI that is safe, secure, and trustworthy. It may even secure us from the “civilizational risk” Elon Musk warned us about.

Manifesting Responsible AI: Blockchain Meets Artificial Intelligence 2023/09/26 07:33

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Stocks to Watch: DuPont, Nike, KB Home are stocks to watch

Among the companies whose shares are expected to see active trade in Friday’s session are DuPont, Nike, and KB Home.

Stocks to Watch: DuPont, Nike, KB Home are stocks to watch 2014/06/27 05:48

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