Ethereum ETFs are nearing the finish line, according to a Bitwise executive. Despite concerns about a potential Golem selling spree causing fear, Ethereum investors are still buying the dip. The bearish pressure on Ethereum has eased, but there is key resistance to watch out for before the launch of ETH ETFs.
Investors are optimistic about the rally following the launch of spot ETH ETFs, with Ethereum seeing a 2.3% increase on Wednesday. Bitwise’s chief compliance officer mentioned that the launch is close to being finalized, with fewer issues being discussed with the SEC.
Data shows that more investors are accumulating Ethereum during its recent descent, especially in anticipation of the ETH ETF launch. Additionally, there has been a significant increase in Ethereum staking, with the Ethereum 2.0 staking contract holding a large portion of ETH’s supply.
On the other hand, Golem, which raised a significant amount of ETH in 2016, has been potentially selling off ETH on exchanges. This has raised concerns among investors, especially as the launch of ETH ETFs approaches.
Technically, Ethereum is facing a key resistance level at $3,200, with potential selling pressure from addresses that purchased ETH around this level. However, the approval of the ETH ETF could act as a catalyst to prevent a sell-off. In the short term, Ethereum could find support at the $2,800 to $2,852 level if bearish pressure increases.