Copyright © 2024 Taurex. All rights reserved.
Location & Language
Zenfinex Global Limited regulated by the Financial Services Authority (FSA) of Seychelles (SD092)
Zenfinex Global Limited regulated by the Financial Services Authority (FSA) of Seychelles (SD092)
By Camilo Botia
The cryptocurrency landscape continues to generate buzz; this time, the spotlight falls on Ethereum, the second-largest cryptocurrency. On November 15, BlackRock, the world’s largest asset manager, made a notable move by applying with the U.S. Securities and Exchange Commission (SEC) to launch a spot Ethereum exchange-traded fund (ETF). This development has ignited anticipation within the crypto community, as the eventual approval of an Ethereum ETF could have significant implications for the price of ETH.
While the news of BlackRock’s ETF filing initially sparked a surge in Ethereum’s price, the cryptocurrency has remained in a sideways range, demonstrating resilience amidst the prevailing market uncertainty. This lateral movement suggests that traders are adopting a more cautious approach, evaluating the potential impact of the ETF approval process and broader macroeconomic factors.
Despite the sideways trend, there remains a sense of optimism surrounding Ethereum’s long-term prospects. The potential approval of a spot Ethereum ETF could usher in a new era of institutional adoption, providing a regulated and accessible investment vehicle for mainstream investors. This influx of institutional capital could fuel further growth for Ethereum, potentially propelling its price to new heights.
Looking at the chart, Ethereum faces a crucial resistance level of around $2,100 (specifically at $2,138.44). This level has acted as a barrier since April 2023, and a breakout above this point could pave the way for further upward momentum. However, if Ethereum fails to overcome this resistance, it could experience renewed downward pressure, potentially testing its support level at $1,781.86, which coincides with its 200-day moving average. The market has recently overcome an overbought condition, as shown by the RSI indicator.
In conclusion, Ethereum’s price action in the coming weeks will hinge on a combination of factors, including the outcome of BlackRock’s ETF application, the overall sentiment in the cryptocurrency market, and broader economic conditions. While the sideways range indicates a degree of uncertainty among traders, the potential for a breakout above $2,100 remains a possibility, especially if the ETF approval process progresses favourably.
Please note that this analysis is provided for informational purposes only and should not be considered as investment advice.
Taurex is the trading name of Zenfinex Global Limited, Stochastic Africa SL Ltd, Zenfinex Global LLC, and Zenfinex Limited.
Zenfinex Global Limited is registered in the Republic of Seychelles with registration number: 8428731-1 and is regulated by the Financial Services Authority of Seychelles (license number SD092). Its registered office address is F20, 1st Floor, Eden Plaza, Eden Island, Seychelles.
Stochastic Africa (SL) Limited is a company registered in Sierra Leone with Company Number: SL270319STOCH05271 and is licensed by the Bank of Sierra Leone under license number BSL/SAL/2023 and with the registered office at 148D Wilkinson Road, Freetown, Sierra Leone.
Zenfinex Global LLC is a company registered with the Financial Services Authority in Saint Vincent and the Grenadines under registered number 138 LLC 2019. Its registered office is Hinds Building, Kingstown, Saint Vincent, and the Grenadines.
Zenfinex Limited is a company registered in England and Wales under registered number: 11077380. Authorised and regulated by the Financial Conduct Authority under firm reference number 816055. Its registered office is 4th Floor, 4 Eastcheap, London, EC3M 1AE, United Kingdom.
*All trading involves risk.
Taurex is the trading name of Zenfinex Global Limited, Stochastic Africa SL Ltd, and Zenfinex Global LLC.
Zenfinex Global Limited is registered in the Republic of Seychelles with registration number: 8428731-1 and is regulated by the Financial Services Authority of Seychelles (license number SD092). Its registered office address is F20, 1st Floor, Eden Plaza, Eden Island, Seychelles, and its physical office address is Unit G, F28 Eden Plaza, Eden Island, Republic of Seychelles.
Stochastic Africa (SL) Limited, trading as Taurex, is a company registered in Sierra Leone with Company Number: SL270319STOCH05271 and is licensed by the Bank of Sierra Leone under license number BSL/SAL/2023 and with the registered office at 148D Wilkinson Road, Freetown, Sierra Leone.
Zenfinex Global LLC is a company registered with the Financial Services Authority in Saint Vincent and the Grenadines under registered number 138 LLC 2019. Its registered office is Hinds Building, Kingstown, Saint Vincent and the Grenadines.
Risk Warning: Trading in financial instruments carries a high level of risk and may not be suitable for all investors. The value of your investments may fluctuate and you may lose all of your invested capital, especially due to leverage. You should carefully consider your investment objectives, level of experience, and risk tolerance before deciding to trade in financial instruments that may be on margin. It is your responsibility to ensure that you fully understand the risks involved and seek independent advice if necessary.
You are strongly advised to obtain independent financial, legal and tax advice before proceeding with any trading activity or engaging in copy trading. Nothing in this site should be read or construed as constituting advice on the part of Taurex or any of its affiliates, directors, officers or employees.
ZFN Europe Ltd is a company registered in Cyprus under registered number HE 411334. Its registered office is Naxou 1, First Floor, Flat/Office 103 Strovolos, 2043, Nicosia , Cyprus. It acts as a service provider to the group.
Clients must be at least 18 years old to use Taurex’s services.
Residence: The information on this site is not directed at residents of the United States, Canada, North Korea, Iran, Belgium, Japan or any particular country and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Taurex is the trading name of Zenfinex Global Limited, registered in the Republic of Seychelles.
Registered Office Address: F20, 1st Floor, Eden Plaza, Eden Island, Seychelles, and its physical office address is Unit G, F28 Eden Plaza, Eden Island, Republic of Seychelles.
Regulated by the Financial Services Authority under license number: SD092
Registration No: 8428731-1
Markets
Accounts
About
Copyright © 2024 Taurex. All rights reserved.
tradetaurex.com is required to abide by global laws and therefore the information on this site is not directed at residents of the United States, Canada, North Korea, Iran, Myanmar, Belgium, Spain, France, Japan, South Korea or any particular countries and is not intended for distribution to, or use by, any person in an country or jurisdiction where such distribution or use would be contrary to local law or regulation.