The undisputed king of altcoins, Ethereum, seems to continue its bull run even after surpassing $3,700 and experiencing a slight pullback. As of the time of writing, ETH is trading at the $3,700 level with a market value of $443 billion, marking a 6.8% increase.
SEC Postpones ETF Decisions
On Monday, March 4, the US Securities and Exchange Commission (SEC) responded to BlackRock’s spot Ethereum ETF proposal, which is the star of Bitcoin ETFs, with a decision to postpone. This means the SEC has postponed its decision regarding BlackRock’s iShares Ethereum Trust for the second time.
On the other hand, the SEC has asked for public feedback on the approval of the ETF, particularly highlighting concerns about Ethereum’s PoS system’s vulnerability to fraud and manipulation.
The SEC has also postponed its decision on Fidelity’s spot Ethereum ETF. The SEC expressed its opinion in a manner parallel to the behavior it exhibited with BlackRock.
Feedback is expected to be received over the next 21 days, followed by responses within 35 days. May 23 is considered a critical date, marking the deadline for VanEck’s spot Ethereum ETF application and the day the SEC is expected to make its decision on the matter.
Among crypto experts, there are differing opinions regarding the potential approval of a spot Ethereum ETF. Optimists believe the SEC approval could be issued by May, drawing parallels with the recent Bitcoin ETF approvals.
Those with a skeptical approach remain cautious, pointing to the uncertainty surrounding the likelihood of spot Ethereum ETF approvals.
Will Ethereum Reach $4,000?
Investors currently focused on Ethereum’s price action seem to be disregarding the Ethereum ETF approval for now. The most significant event for investors is considered to be the Ethereum Denchun upgrade, expected to occur within the next one or two weeks.
Looking at the hourly chart of ETH/USD (below), a rising trend line is forming with a notable support level around $3,600, and the price is trending above this level.
The next resistance levels to watch are $3,720 and $3,780, respectively. Surpassing these could lead to a major resistance at the $3,850 region, and if overcome, the potential upward momentum could strengthen. An increase in upward movements could see Ethereum reach the $3,920 level.
If ETH moves above the $3,920 resistance level, it could result in a rise to the critical $4,000 mark, potentially opening the way for a larger upward surge, testing the $4,200 level.
