Ethereum, the leading alternative cryptocurrency, has maintained its bullish trajectory even after its value exceeded $3,700, followed by a minor retracement. Currently, the digital currency is holding its ground at the $3,700 mark, with a total market capitalization of $443 billion, reflecting a 6.8% rise. These developments occur amidst a period of regulatory deliberations concerning cryptocurrency exchange-traded funds (ETFs).
Ethereum ETF Decision Delayed by SEC
The United States Securities and Exchange Commission (SEC) has once again deferred its decision on the proposed spot Ethereum ETF by BlackRock, a leading financial institution. This marks the second delay for BlackRock’s iShares Ethereum Trust. In a comparable move, the SEC has also put off its verdict on a similar ETF proposal by Fidelity. The regulatory body has called for public input, specifically concerning Ethereum’s Proof of Stake (PoS) mechanism and its susceptibility to fraud and manipulation. The SEC has allocated a period of 21 days for receiving public comments, with a subsequent 35-day window for responses. The decision on VanEck’s spot Ethereum ETF application is anticipated by May 23, a date that the crypto community is watching closely.
Market Focuses on Ethereum’s Price Movement
Investors are currently more preoccupied with Ethereum’s market performance than the pending ETF approvals. The forthcoming Ethereum Denchun upgrade, slated to happen in the next couple of weeks, is deemed the pivotal event for the market. Technical analysis of the ETH/USD pairing on the hourly chart reveals a rising trend line with strong support near the $3,600 level. Ethereum’s price remains buoyant above this threshold, with the next resistance pegged at $3,720 and $3,780.
Should Ethereum breach these barriers, it could encounter a significant resistance zone around $3,850. Overcoming this hurdle may pave the way for an intensified bullish trend, potentially propelling the currency towards the $3,920 mark. A successful move past this resistance level could signal a climb to the crucial $4,000 milestone and potentially trigger a more substantial rally towards the $4,200 threshold.