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Ethereum’s $1,350 is the Level to Watch Ahead of the Monthly Close


ethereumworldnews.com 01 February 2021 11:50, UTC
Reading time: ~2 m

Quick take:

  • Ethereum has been consolidating around the $1,350 support zone for close to a week
  • This area will be crucial during tonight’s weekly and monthly close
  • Ethereum has a big month ahead with Grayscale opening its ETH fund to subscriptions
  • The CME Group also launches its ETH futures on the 8th of February
  • Galaxy Digital is also launching ETH-focused funds in February
  • There will also be an ETH2.0 webinar on staking for institutional investors

Ethereum investors and traders have been watching for close to a week as ETH consolidates at the $1,350 support area. At the time of writing, Ethereum is trading at the exact level with only a few hours away from the monthly and weekly close later tonight.

From the daily chart below, it can be observed that Ethereum has printed an ascending triangle that could resolve to the upside with the new month of February.

Ethereum Events in February Hint of More Bullishness for ETH

In addition to the ascending triangle, Ethereum has multiple events in the month of February that could send the value of ETH to new all-time highs.

To begin with, the CME Group will be launching its Ethereum futures contracts on the 8th of February. Such an ETH product will make Ethereum available to institutional investors.

Secondly, the Grayscale Ethereum trust has opened the private placement of its shares to the same institutional investors. The team at Grayscale made public the availability to subscribe to the Ethereum trust, via the following tweet.

As of 4 pm EST today, Grayscale Ethereum Trust resumed the private placement of its shares. The Trust’s private placement is offered on a periodic basis throughout the year and is now available to accredited investors for daily subscription. $ETH https://t.co/wcwbhDmtYj pic.twitter.com/4RZWiQWpJn

— Grayscale (@Grayscale) January 29, 2021

Thirdly,

Ethereum’s February:

CME Group will launch Ether Futures
Grayscale $ETH Fund is now open again
Galaxy Digital launching ETH-focused funds
Eth2 'Staking for Institutions' webinar with Microsoft

— Bloqport (@Bloqport) January 30, 2021


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