Ethereum's $1,350 is the Level to Watch Ahead of the Monthly Close 14

Ethereum’s $1,350 is the Level to Watch Ahead of the Monthly Close

Quick take:

  • Ethereum has been consolidating around the $1,350 support zone for close to a week
  • This area will be crucial during tonight’s weekly and monthly close
  • Ethereum has a big month ahead with Grayscale opening its ETH fund to subscriptions
  • The CME Group also launches its ETH futures on the 8th of February
  • Galaxy Digital is also launching ETH-focused funds in February
  • There will also be an ETH2.0 webinar on staking for institutional investors

Ethereum investors and traders have been watching for close to a week as ETH consolidates at the $1,350 support area. At the time of writing, Ethereum is trading at the exact level with only a few hours away from the monthly and weekly close later tonight.

From the daily chart below, it can be observed that Ethereum has printed an ascending triangle that could resolve to the upside with the new month of February.

Ethereum's $1,350 is the Level to Watch Ahead of the Monthly Close 15

Ethereum Events in February Hint of More Bullishness for ETH

In addition to the ascending triangle, Ethereum has multiple events in the month of February that could send the value of ETH to new all-time highs.

To begin with, the CME Group will be launching its Ethereum futures contracts on the 8th of February. Such an ETH product will make Ethereum available to institutional investors.

Secondly, the Grayscale Ethereum trust has opened the private placement of its shares to the same institutional investors. The team at Grayscale made public the availability to subscribe to the Ethereum trust, via the following tweet.

Thirdly, Mike Novogratz’s Galaxy Digital is soon to launch several Ethereum-focused funds. This is according to a letter sent to its clients citing a mid-February launch of the Ethereum products. The letter went on to provide the following reason as to why they should invest in Ethereum.

Just five years after its launch, hundreds of billions of dollars of value live on top of the Ethereum blockchain: $130bn of ETH itself, $20bn of stablecoins (digital representations of fiat money), and more than $20bn of Ethereum-native assets called ERC-20s.

Six applications in the Decentralized Finance space (“DeFi”) are now worth more than $1bn and are generating up to $100s of millions in annualized revenue. Galaxy Digital believes Ethereum is an emerging substrate for programming and interacting with digital value that will become ubiquitous in the future.

Fourthly, Consensys is hosting a webinar on the 4th of February titled  ‘ETH2 Staking for Institutions’. As the title implies, the webinar is geared towards demystifying ETH2.0 staking to institutional investors. Furthermore, the webinar will be carried out in partnership with Microsoft, Ledger and Securosys.


Summing it up, Ethereum’s weekly and monthly close is only hours away. For close to a week now, ETH has been consolidating around the $1,350 price area and will be an area of interest later today.

From a technical analysis point of view, Ethereum has formed an ascending triangle that could resolve to the upside with the new month. Furthermore, February is a key month for Ethereum due to the 4 bullish events highlighted above and in the following tweet by the team at Bloqport.