Ethereum price hovers around equilibrium as ETH future-based ETF filings await October verdict

• Ether volatility remains shallow, with the first potential catalysts as far as October.
• Ethereum price oscillates along the equilibrium level of $1,849, bound to BTC and the broader market lull.
• The lack of impulse comes as the ETF euphoria gradually fades after the SEC indication of delay.
• Notably, 14 futures-based ETH ETF filings are active in the US.

Ethereum (ETH) price remains range-bound, just like Bitcoin (BTC) price, as the broader market continues in its lull. The weekend, defined by low volume and increased volatility, is inactive for the largest altcoin, suggesting that large holders or whales, like retail traders, may have taken a back seat.

Also Read: FOMO drives Shiba Inu price 15%, triggers $23 billion spike in open interest ahead of Shibarium deployment.

Ethereum price intertwines around equilibrium  

Ethereum (ETH) price, like Bitcoin's (BTC) price, is suffering from waning ETF momentum, with the spillover effect affecting the entire market. Save for Shiba Inu (SHIB), which is rallying around The Fear Of Missing Out (FOMO), the rest of the market is in a state of indecisiveness, with the two giants in crypto currently oscillating around fixed positions.

With 14 active futures-based ETH Exchange Traded Fund (ETF) filings live in the US, the fact that the first verdict is expected as early (or far) as October leaves the Ethereum market devoid of impulse, made worse by the lack of catalysts in the BTC market as well.

In the latest ETF-related news, as reported, the US Securities and Exchange Commission (SEC) has delayed a decision on Cathie Wood's Ark Invest Bitcoin Spot ETF application, postponing excitement for when traders can finally trade crypto directly on traditional financial exchanges in the US. The delay is anticipated, considering the SEC called out for public commentary about amendments featured in the ETF applications two days before a decision was due.

Also Read: SEC wants institutions to prove Bitcoin is not a 'manipulated' asset class, as spot BTC ETF decisions delay

As the euphoria on ETFs and the possible catalytic effect it would have on cryptocurrency prices continues to fade, Ethereum price has fallen back to neutral mode. It is currently intertwining along the equilibrium level of $1,849 and could continue with the same throughout the weekend.

This is expected considering the historical nature of weekends where the volume of trades reduces. Although this leaves markets susceptible to increased volatility, it requires impulse.

Ethereum price forecast as ETH bounces between two SMAs

Ethereum (ETH) price is bouncing between the 50- and 100-day Simple Moving Averages (SMAs), respectively, at $1,841 and $1,850 levels. The tight range adds credence to the lack of impulse in the market, leaving ETH in the hands of whales if they choose to act.

ETH Santiment data

According to Santiment data, the whale transaction count for large holders with more than $100,000 and a $1 million balance has steadily declined for the past four months since May. The same applies to the number of daily active addresses indicated in the chart above.

Unless ETH breaks from the current consolidation between the 50- and 100-day SMA, the altcoin could continue in the range-bound horizontal slide into the new week on the four-hour timeframe.

ETH/USDT 4-hour chart

For the next move, however, traders should watch for a decisive move either above or below the $1,886 and $1,813 levels representatively.

Also Read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC showing weakness shakes ETH, XRP, and most altcoins.