coinjournal.net
- Avalanche ($AVAX) price is in the green on Tuesday morning, with bulls hovering above the critical level of $30.
- Most cryptocurrencies trade at key levels amid the broader market’s anticipation around the Federal Reserve’s meeting and interest rate decision.
- Institutional interest also continues to grow, with Bitwise filing for an Avalanche spot exchange-traded fund with the US Securities and Exchange Commission.
Avalanche price eyes breakout above $30
While small-cap tokens like Avantis skyrocket to lead top gainers on the day, the Avalanche ($AVAX) price hovers green. It currently trades as one of the top gainers among the top 20 cryptocurrencies.
The altcoin traded around $30.50 as of writing on September 16, up 7% in the past 24 hours and an impressive +18% over the last seven days.
It’s a performance that outpaces the global cryptocurrency market’s 1% gain and sees bulls close to the resistance line of a channel breakout.
Trading volume has spiked to $1.18 billion, up by more than 27% in the last day to signal buying pressure.
From a technical point of view, chart patterns suggest that $AVAX is on the cusp of a significant channel breakout.
While the token has largely consolidated within a descending parallel channel, a recent uptick has bulls looking at a potential corrective pattern that could allow for a retest of $44.
Avalanche has notably breached the critical $27 horizontal resistance level. Holding above this level and piercing the $30 barrier may allow bulls to break above the channel’s upper boundary.
The Relative Strength Index (RSI) at 64 indicates room for gains before overbought conditions hit. A bullish outlook is also supported by the Moving Average Convergence/Divergence (MACD) on the daily chart.
Overall, the chart structure positions $AVAX favorably for a move above $30, potentially fueled by ecosystem expansions and DeFi growth.
Bitwise $AVAX ETF filing and Fed decision
Compounding the technical optimism are recent regulatory and macroeconomic trends.
One of these is the development that saw Bitwise Asset Management file an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a spot Avalanche ETF.
NEW: @BitwiseInvest adds an Avalanche ETF to their filings list pic.twitter.com/tXOmHmSWeR
— James Seyffart (@JSeyff) September 15, 2025
This filing, following the establishment of a statutory trust in Delaware, proposes direct exposure to $AVAX through custody-held tokens, allowing investors to gain regulated access without managing wallets or private keys.
VanEck and Grayscale are among the top issuers seeking approval for ETFs tracking the $AVAX cryptocurrency. Sentiment is high amid anticipation of an SEC nod in the coming months.
Also buoying $AVAX price is expectation around the Federal Reserve’s upcoming decision on interest rates.
The Fed meets this week and a 25 basis point cut could inject fresh liquidity into risk assets like cryptocurrencies. Avalanche’s price will rally alongside other altcoins.