Amidst the SEC’s ETF Delay, Ethereum Price Holds Firm in a Robust Position.
Further bolstering the prevailing bullish sentiment, Ethereum’s price has successfully surmounted the recent challenge posed by a descending wedge pattern, as discussed in previous price analyses. As of now, Ethereum is trading at $1,608, and during the American trading session, it witnessed a brief yet noteworthy surge to $1,633.
However, a minor setback ensued due to developments related to the U.S. Securities and Exchange Commission (SEC), which announced delays in rendering decisions on two Ethereum spot exchange-traded funds (ETFs).
The SEC’s announcement revealed that the determination for the ARK 21Shares Ethereum ETF would be postponed until December 26, with the reconsideration date for the VanEck Ethereum ETF proposal scheduled for December 25. These delays have momentarily paused Ethereum’s upward momentum.
The Trajectory for Ethereum’s Continued Profitability
ETH staged an impressive rebound, surging past the $1,630 threshold. Notably, this upward movement was achieved by breaching a notable bearish trendline that had previously acted as resistance around the $1,590 mark, as evident on the hourly ETH/USD chart. This breakthrough also involved a climb above the 23.6% Fibonacci retracement level, calculated based on the range between the $1,669 peak and the $1,565 trough.
In the near future, Ethereum’s price is confronted with a crucial barrier at $1,645, closely corresponding to the 23.6% Fibonacci retracement level calculated from the decline between the $2,030 peak and the $1,530 bottom. A successful breakthrough of this resistance has the potential to drive Ethereum’s value higher, fostering optimism for a prolonged upward trend in the cryptocurrency market.