hile recent events underlined strong market fluctuations and strategic financial steps, Ethereum's price action has been in constant focus. Large investors have taken advantage of such gains and booked big profits as Ethereum broke critical price levels. India is about to unveil its first Bitcoin and Ethereum futures ETF, which would be a pivotal movement in the country's financial market.
Ethereum Breaks Above Key Price Levels
Ethereum broke above the $2,700 resistance on September 27, 2024, rising 10% throughout the week. This was partly due to positive crypto market sentiment caused by the early prison release of Binance CEO Changpeng Zhao.
Ethereum extended its rally to a month's high price of $2,727, the highest since August 26. The Ethereum price promptly retreated to $2,690 as the market fervor died down, reflecting the almost customary volatility following such sharp gain.
Whale Activity and Profit-Taking
The surge of Ethereum above $2,650 has seen whale investors take strategic profits. Whale investors sold close to $72 million worth of ETH as Ethereum breached above $2,650 at the close of September 26. The event saw Ethereum correct below the $2,700 mark.
Despite the sell-off, Ethereum's uptrend is still valid with key resistance levels at $2,755 and $2,800. A close above these levels will open up the way towards $3,000, though overbought conditions do pose consolidation and retracement threats in the market.
India's ETF Initiative
In what can be a big development, India is set to roll out its maiden Bitcoin and Ethereum futures ETF, courtesy of Torus Kling Blockchain IFSC. Backed by Cosmea Financial Holdings and Kling Trading India, the initiative aims to manage assets worth $1 billion over the next two years.
Though it will be traded on the India INX-the international arm of the Bombay Stock Exchange-it is expected to track large-cap metaverse stocks in addition to Bitcoin and Ethereum futures. That positions India in a strategic position in the global crypto market, where investors will have a regulated channel through which they can operate digital assets.
While Ethereum remains on a bullish trend, this keeps up the cross-section of whale activity alongside growing market opportunities such as India's ETF.
