$ETH Price Prediction 10/17/2021 for BITSTAMP:ETHUSD by CheddarBizcuitz

Read a bit on ProShares Bitcoin ETF which has been the reason for the latest hype. If you’re like me and had no knowledge of this, here’s what I got:

– The Valkyrie Bitcoin Strategy ETF (BITO) will be the first Bitcoin futures ETF to launch in the US

– Although not currently approved by the SEC, the ETF is scheduled to list this upcoming week on the CME market

– The ETF is futures-based which means investors will be trading for a share of a set of assets based on a futures contract, not for the asset itself

– Futures-based ETFs allow investors to easily diversify their portfolio without the risks associated with the security and tax implications of holding physical assets (also leverage/high liquidity is a plus)

– Other than the fact that you don’t actually hold the commodity, the biggest con seems to be trading/management fees. Risks are like always.

– News of futures ETF launch could also pave the way for a physical ETF ; currently Grayscale plans to file for SEC approval on this soon

IMO this ETF will have a positive effect on the crypto space as it introduces a new market that can make the process of entering crypto ‘easier’ for some. I also believe that it’ll bring a lot of attention to Ethereum and the price of Ether.

That said, I marked out a double-bottom pattern that looks similar to where we’re currently trading. Although this could push us down to ~3300, I don’t see it happening unless there’s a drastic drop within the next 1-2 days. Yes, daily MACD is slowly converging but I still believe that we’ll end the month around 4k which allows for a very short window on a second dip. Holding out seems like the best option at this point.

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