• In a customer e-mail, Fidelity announced the arrival of Ethereum on its platform with users able to buy, sell and transfer ETH.
  • Fidelity’s ETH integration comes into effect this month, but overall Ethereum has not received positive responses from institutions throughout 2022.
  • Stuck in a consolidation, ETH might get a boost from the news to touch the 23.6% Fibonacci level, coinciding with $1,518.

Ethereum price, since the Merge, has been in a state of limbo. That said, the second biggest cryptocurrency is still finding demand from investors. This demand will be critical in any revival of ETH's price action, since, at the moment, the altcoin king is struggling to make a move worth more than 2% – in either direction.

Fidelity brings Ethereum

The $3.7 trillion asset management firm recently announced in an e-mail sent to its customers that Ethereum will soon be offered on its platform. With the arrival of institutional Ethereum capabilities, investors will be able to buy, sell and transfer ETH. 

At the same time, investors would be able to tap into the security and client service model that Fidelity currently offers for Bitcoin investments.

This service will be operational from October 28 on Fidelity's platform. However, this would not be the first such announcement from the asset management company this month. 

As reported by FXStreet on October 4, Fidelity raised over $5 million through its sales for its Ethereum Index Fund. Filing with the Securities and Exchange Commission (SEC), the Ethereum Index Fund notably has a minimum investment requirement of $50,000 for external investors.

Such developments are expected to be a trigger for Ethereum since the asset has not been a favorite with institutions this year. Throughout 2022 ETH has noted more than $368 million in outflows, which is the highest for any major cryptocurrency. Additionally, the price movement has been pretty mild over the last few weeks.

Ethereum is trying its best

Trading at $1,294, ETH has been rangebound within the same critical support ($1,220) and resistance ($1,420) since mid-September. Although it did manage to breach above the 11-month-old downtrend line, it has observed no uptrend whatsoever.

TradingView ChartETH/USD 4-hour chart

Even on the macro scale, the impact of external developments has not been significant, but if the market changes, ETH is looking at $1,414 as its next target. Coinciding with the 50-day (red) Simple Moving Average (SMA), the level represents a solid resistance level. 

Reclaiming it could push ETH towards the 100-day (blue) SMA at around $1,521, which is where the 23.6% Fibonacci retracement of $3,588 - $883 sits. 

TradingView ChartETH/USD 1-day chart

In the long run, these levels are crucial in Ethereum's recovery.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Crypto bloodbath: $325 billion market cap vanishes amid selling pressure

Crypto bloodbath: $325 billion market cap vanishes amid selling pressure

The Kobeissi Letter reports on Tuesday a $325 billion wipeout in the crypto market capitalization since Friday. Additionally, Bloomberg reports that Citadel Securities, a firm with $65 billion in assets, is exploring a role as a Bitcoin and crypto liquidity provider.

More Cryptocurrencies News
Bitcoin edges below $90,000, ending its long streak of consolidation

Bitcoin edges below $90,000, ending its long streak of consolidation

Bitcoin (BTC) continues to trade in red, reaching a low of $88,200 during Tuesday’s early Europen trading session and hitting the lowest level since mid-November after falling 4.89% the previous day.

More Bitcoin News
Shiba Inu holders unload 61.5 billion tokens in the last ten days

Shiba Inu holders unload 61.5 billion tokens in the last ten days

Shiba Inu price hovers around $0.000013 on Tuesday after dropping nearly 12% the previous day. Supply Distribution data shows that whale wallets have decreased SHIB holdings in the last ten days.

More Shiba Inu News
XRP eyes further downside as Trump to implement tariffs on Mexico, Canada, in March

XRP eyes further downside as Trump to implement tariffs on Mexico, Canada, in March

Ripple's XRP joined the wider crypto market decline, plunging nearly 10% on Monday following President Donald Trump reiterating that the US will kick off tariffs on Mexico and Canada.

More Ripple News
Bitcoin: BTC demand and liquidity conditions remain weak

Bitcoin: BTC demand and liquidity conditions remain weak

Bitcoin price has been consolidating between $94,000 and $100,000 since early February, hovering around $98,000 at the time of writing on Friday. Despite this consolidation, US Bitcoin spot ETFs data recorded a total net outflow of $489.60 million until Thursday, hinting signs of weakness among institutional investors. 

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP