ETH Jumps on SEC Optimism
Ethereum prices are trading sharply higher today in response to two Bloomberg analysts tweeting yesterday that they are hearing chatter that the SEC will approve ETH ETFs this week. The futures market has spiked almost 20% since yesterday, driving crypto prices higher across the board, in response to the development. It had previously been suggested that the SEC was likely to reject ETH ETF proposals. However, according to James Seyffart and Eric Balchunas, odds of SEC approvals has now jumped to 75% from 25% prior after a U-turn in sentiment at the SEC.
Bullish Opportunities in Crypto
Following prior delays and postponements, the SEC is due to deliver a final decision on a number of fund applications this week. If approved, this would open the door to a fresh wave of institutional demand which should drive ETH firmly higher near-term, while also boosting the broader crypto market.
Ethereum prices have undergone a laboured correction lower over recent months, following the rally we saw across February and early March linked to the strength in Bitcoin. However, it’s now ETH driving BTC higher and if we see SEC approvals this week, it could well provide the platform for a fresh breakout across crypto markets, particularly with the current backdrop of increased Fed easing expectations.
Technical Views
ETH
The rally in ETH prices has seen the market breaking out above the contracting triangle which had framed the correction in recent months. Price is now testing above the 3582.5 level and with momentum studies bullish, the focus is on a continuation higher here with 4003 the next resistance level to note.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.