Avalanche Price Outlook: AVAX Jumps 7% As Bitwise Seeks SEC Approval For Avalanche ETF

The Avalanche price jumped 7% to trade at $30.64 as of 7:02 a.m. EST amid news that Bitwise is seeking approval from the US Securities and Exchange Commission (SEC) for an AVAX ETF (exchange-traded fund).

Bitwise has joined the growing list of asset managers racing to offer Avalanche exposure through a regulated investment vehicle.

The move marks yet another significant step in broadening institutional access to the AVAX ecosystem.

Based on the filing, the ETF’s net asset value (NAV) will be determined by referencing the CME CF Avalanche-Dollar Reference Rate-New York Variant.

Bitwise’s ETF structure avoids the use of derivatives and instead holds the AVAX token directly in custody. Meanwhile, Coinbase Custody Trust Company, a regulated entity under New York banking law, will act as custodian for the AVAX tokens held by the fund.

The push for an Avalanche ETF comes at a time of increased activity in the VAX ecosystem.

According to on-chain data from Defillama, Avalanche has hit $2 billion in DEX volume for 8 weeks straight for the first time since 2021.

Avalanche Price Breaks Higher, Eyes Key Resistance Levels

The AVAX price has shown strong bullish momentum over the past weeks, climbing steadily within a rising channel pattern and recently testing the $31 zone.

The Avalanche price is moving above both the 50-day ($24.65) and 200-day ($21.63) simple moving averages (SMAs), a sign of trend reversal to the upside.

The Fibonacci retracement levels highlight $31.23 as a key pivot, with upside targets at $35.47 (-0.272) and $40.87 (-0.618).

Meanwhile, the Relative Strength Index (RSI) is currently at 69.77, hovering just below overbought territory. This suggests strong buying momentum but also warns of potential short-term cooling.

Moreover, the Moving Average Convergence Divergence (MACD) is positive, with the blue MACD line above the orange signal line, supporting further bullish pressure. Volume has also picked up alongside the rally, surging 12% to $1.2 billion, confirming investor interest.

AVAX/USD Chart Analysis: TradingView

AVAX could extend its rally toward the $35–36 range if it sustains above $31.

However, a pullback within the channel is also possible, with support at $28 and stronger protection around the 50-day SMA near $24.6.