Ethereum (ETH) has maintained its strong position above the $1,600 mark, following a similar trend to Bitcoin. As the cryptocurrency market evolves, ETH continues to establish a solid foundation above $1,580 and gradually rises. The price of Ethereum remains stable despite a brief setback caused by the US Securities and Exchange Commission (SEC) delaying decisions on two spot Ethereum exchange-traded funds (ETFs).
The SEC announced a delay in the verdict on the ARK 21Shares Ethereum ETF until December 26, and the reconsideration date for the VanEck Ethereum ETF proposal is set for December 25. These delays have momentarily paused Ethereum’s upward momentum. However, Ethereum made a recovery by surging past the $1,630 level, breaking through a significant bearish trendline resistance near $1,590. This move also included a climb above the 23.6% Fibonacci retracement level.
Looking ahead, Ethereum faces a crucial hurdle at $1,645, closely aligned with the 23.6% Fibonacci retracement level derived from the dip between the $2,030 swing high and the $1,530 low. A successful breakthrough of this resistance could potentially lead to further upward movement for ETH and contribute to a sustained uptrend in the cryptocurrency market.
It’s important to note that the information provided on this website serves as general market commentary and should not be considered investment advice. Conducting your own research before making any investment decisions is encouraged.