ETH Price Reacts to Grayscale’s Victory Against the SEC
Ethereum’s price climbed from $1,630 to highs above $1,700 following Grayscale Investments’ win against the SEC. Bitcoin also saw gains, and the overall crypto market cap increased by 4.4% to $1.1 trillion.
Investors Seek Fresh Exposure to Ether
Grayscale’s victory has prompted investors to seek fresh exposure to Ethereum. The SEC is now required to reevaluate Grayscale’s proposal, potentially opening up new opportunities for the company.
Possibility of Rally to $2,000
In order for ETH price to rally to $2,000, support at $1,700 must hold. Traders should be cautious of sellers between $1,740 and $1,750. A break above $1,750 would increase the chances of Ethereum climbing to $2,000.
Ethereum Still Below Key Moving Averages
Despite the rally, Ethereum remains below all key moving averages on the daily chart. The 50-day EMA has formed a confluence resistance with the 200-day EMA and the 100-day EMA. The RSI is also on the verge of a correction.
Your Hot Take: ETH Price Reacts Positively to Grayscale’s Win, But Faces Resistance
Ethereum’s price reacted positively to Grayscale Investments’ victory against the SEC, but it still faces resistance from key moving averages. While there is a possibility of a rally to $2,000, traders should proceed with caution. The outcome of the ongoing correction will determine whether ETH price holds above $1,700 or retests lower support levels. Overall, the crypto market is showing signs of recovery, but Ethereum’s performance remains uncertain.
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