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ETH Soars Past $3,700! SEC Rejects ETF But Bulls Undeterred

ETH Soars Past $3,700! SEC Rejects ETF But Bulls Undeterred

SEC postpones ruling on Fidelity and BlackRock’s spot Ethereum ETF

Bulls on Ethereum are more focused on the next Dencun upgrade than ETFs. 

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The Price of Ethereum makes a significant breakthrough, paving the way for a surge above $4,200. 

Ethereum, the second-largest cryptocurrency in the world, is still experiencing a massive bull run, with its Price surging above $3,700. With a $446 billion market capitalization, ETH is up 7% at $3,713 as of publication. 

BlackRock Spot Ethereum ETF Proposal is Delayed by SEC 

The U.S. Securities and Exchange Commission (SEC) said on Monday, March 4, that it would be delaying its decision-making process concerning BlackRock’s request for a spot Ethereum ETF. This is the second time the SEC has delayed its ruling regarding BlackRock’s iShares Ethereum Trust. 

The SEC has also asked the public for opinions on whether or not to approve the ETF, highlighting issues with Ethereum’s proof of stake system and its vulnerability to manipulation and fraud. 

Similarly, the SEC postponed deciding on Fidelity’s Ethereum ETF. In its call for public input, the government has posed questions similar to those expressed in response to BlackRock’s proposal. By the next 21 days, the public is asked to provide input on both plans; rebuttals are anticipated by 35 days after that. VanEck’s spot Ethereum ETF application has a final deadline of May 23. This will provide further clarification on the SEC’s position on the situation. 

Regarding the possible approval of a spot ether ETF, cryptocurrency specialists are divided. Compared to the recent approvals of Bitcoin ETFs, positive comments indicate that SEC approval might come as soon as May. Sceptics, however, remain wary and doubt the possibility of spot ether ETF approvals. 

Will Ethereum Reach $4,000 in Price Soon? 

It’s evident from the way the Price of Ethereum is moving right now that investors have chosen to ignore the approval of the Ethereum ETF for the time being. In the next week or two, the most significant event will be an Ethereum Dencun update. 

Ethereum has surpassed the 100-hourly Simple Moving Average and climbed past $3,650. A positive trend line is formed on the hourly chart of ETH/USD, with support peaking at $3,600. The 50% Fibonacci retracement level of the most recent upward rise from the $3,465 swing low to the $3,715 high closely aligns with this trend line. 

Early opposition is expected to be around $3,720 in the short term, with the first significant obstacle at approximately $3,780. Beyond that, if it is broken, an important resistance zone around $3,850 would indicate possible bullish momentum. Ethereum might target $3,920 if prices continue to rise. 

Ethereum trading chart
Source: tradingview

Ether could rise to the $4,000 resistance if a breakthrough exceeds the $3,920 resistance mark. An additional surge in Price might lead to a test of $4,200.

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