As Ethereum Price Rises, SEC’s Postponement of Decisions Could Keep ETH Around $1600

Crypto News – By trading over the $1,600 level and maintaining its strong position, Ethereum (ETH) has followed Bitcoin’s general trend. As the cryptocurrency market develops further, ETH is steadily rising and establishing a strong base above $1,580.

As Ethereum Price Rises, SEC’s Postponement of Decisions Could Keep ETH Around $1600

The price of Ethereum has surmounted the short-term difficulty of a falling wedge shape, as mentioned in earlier price predictions, further supporting the optimistic feeling. Ethereum’s price, which is currently $1,616, experienced a brief but significant increase to $1,633 during the American trading session. However, news that the SEC was delaying rulings on two spot Ethereum exchange-traded funds (ETFs) caused a little glitch.

According to the SEC’s release, the VanEck Ethereum ETF proposal’s reconsideration date is set for December 25, while the decision on the ARK 21Shares Ethereum ETF will be delayed until December 26. The increasing velocity of Ethereum has temporarily slowed down as a result of these delays.

Ethereum Price May Rise Again

By rising beyond $1,630, ETH made a commendable comeback. Notably, as seen on the hourly ETH/USD chart, this advance was made possible by breaking through a strong negative trendline that had been holding near $1,590. The 23.6% Fibonacci retracement level, which was derived from the decline between the $1,669 high and the $1,565 low, was also crossed in this move.

The 23.6% Fibonacci retracement level obtained from the dip between the $2,030 swing high and the $1,530 low serves as a critical barrier for the Ethereum price, which will likely be tested near $1,645. Ether’s prospective upward movement might be fueled by a successful push past this resistance, raising hopes for a long-lasting rise in the cryptocurrency market.