Ethereum Price Holds Steady with Bullish Sentiment
After a brief dip earlier this week, Ethereum has stabilized its upward trend. The formation of a falling wedge pattern has boosted the confidence of bulls in the market.
SEC Delays Decisions on ETFs from Ark and VanEck
The US Securities and Exchange Commission (SEC) has announced that it is postponing its decision on the ARK 21Shares Ethereum ETF until December 26. The delay is due to the need for further consideration of the proposed rule change and related concerns.
The SEC has also delayed its decision on the VanEck Ethereum ETF, which will now be reconsidered on December 25.
Ethereum Price Bullish Comeback
The delays in approving Ethereum spot ETFs caused a minor pullback in price. However, support from the 23.6% Fibonacci level allowed bulls to reaffirm the uptrend. Ethereum is currently trading above the 50 Exponential Moving Average (EMA), indicating a positive short-term signal.
To continue the upward trend, bulls need to reclaim the 100 EMA and the 200 EMA at $1,610 and $1,640 respectively. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicator both suggest a strong uptrend.
Hot Take: Ethereum Poised for Further Gains
Despite some setbacks, Ethereum remains in a favorable position for further gains. With bullish sentiment and technical indicators pointing upwards, traders can confidently expect ETH to reach $1,700 and potentially even $1,800 in the near future.
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