Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum (ETH) is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds (ETFs) despite its underperformance compared to Bitcoin ETFs.
Bitcoin (BTC) is trading around $67,800 on Monday and has declined by over 7% since seeing a rejection close to its all-time high resistance of $73,777 on Tuesday. If the decline continues, Bitcoin could bounce off the support level near $66,400. Meanwhile, Bitcoin exchange-traded funds (ETFs) recorded $2.172 billion in net inflows last week — one of their best-performing weeks since launch, per Coinglass data.
Bitcoin (BTC) continues to trade in the red on Monday after being rejected near its all-time high of $73,777 last week. Analysts suggest that the upcoming US presidential election on Tuesday will likely increase market volatility. Some expect it will trigger another “sell-the-news” reaction like that seen during the Nashville Bitcoin conference, prompting traders to remain cautious amidst the anticipated fluctuations.
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Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
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