• The price recently broke above the key resistance area around $1656.
• If bulls could maintain the momentum then price is likely to test the $1710 level.

VanEck plans to give The Protocol Guild, a group of 152 people working on the fundamental protocol for Ethereum, ten percent of its Ethereum Strategy exchange-traded fund annually for at least ten years. VanEck also complimented the Ethereum developers for their tenacity in creating and maintaining this shared infrastructure over almost a decade.

Moreover, on September 29th, Invesco and Galaxy Digital purportedly submitted paperwork to the United States Securities and Exchange Commission (SEC) for a spot Ethereum ETF. The submission was made public on Twitter by James Seyffart, an ETF analyst for Bloomberg. Invesco and Galaxy are the latest fund managers to seek regulatory clearance for a spot ETH ETF, having done so on September 29.

Bulls in Control

There is a possibility that Ethereum’s price may break out in a positive direction over $1,700 as bulls are striving hard. Potentially, this means that purchasers have absorbed the bearish pressure and ETH is poised to continue its upward path.

At the time of writing, ETH is trading at $1676, up 0.35% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 45.83%. The price recently broke above the resistance area around $1656. If bulls could maintain the momentum then price is likely to test the $1710 level. Further price increase can lead to a strong rally towards $2000 resistance level.

However, if the price goes below the $1540 support level then it will likely test the $1427 level. Further decline could lead the prices all the way till $1100 key support level.