ETH Price Shoots Past $3,700 Despite SEC Refusing BlackRock Ethereum ETF Approval

The world’s second-largest cryptocurrency Ethereum continues on its mega bull run with the ETH price skyrocketing all the way past $3,700. As of press time, ETH is trading 7% up at $3,713 with a market cap of $446 billion.

SEC Delays BlackRock Spot Ethereum ETF Proposal

On Monday, March 4, the U.S. Securities and Exchange Commission (SEC) announced a delay in its decision timeline regarding BlackRock’s proposal for a spot Ethereum ETF. This marks the second postponement of the SEC’s decision on BlackRock’s iShares Ethereum Trust.

Additionally, the SEC has sought public feedback on whether the ETF should be approved, particularly focusing on concerns related to Ethereum’s proof of stake mechanism and its susceptibility to fraud and manipulation.

Similarly, the SEC has deferred its decision on Fidelity’s spot Ethereum ETF. The agency has requested public comments on this matter, posing similar questions as those raised for BlackRock’s proposal. The public should submit their feedback for both proposals within the next 21 days, with rebuttals expected within 35 days thereafter. May 23, is the final deadline for VanEck’s spot Ethereum ETF application, which will put greater clarity on the SEC’s decision on the matter.

There’s a division among crypto experts regarding the potential approval of a spot ether ETF. Optimistic voices suggest that SEC approval could arrive as soon as May, drawing parallels to recent Bitcoin ETF approvals paving the way. However, skeptics maintain a cautious stance, expressing uncertainty about the likelihood of spot ether ETF approvals.

Ethereum Price Rally to $4,000 Soon?

Considering the current Ethereum price action, it is clear that investors have decided to look past the Ethereum ETF approval for now. The most important event ahead is the upcoming Ethereum Dencun upgrade in a week or two.

Ethereum has surged above the $3,650 mark, surpassing the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bullish trend line is forming, with support emerging around $3,600. This trend line closely aligns with the 50% Fibonacci retracement level of the recent upward movement from the $3,465 swing low to the $3,715 high.

Looking ahead, immediate resistance is anticipated near the $3,720 level, with the first significant hurdle at around $3,780. Beyond that, a major resistance zone lies near $3,850, signaling potential bullish momentum if breached. Further upside could see Ethereum targeting the $3,920 level.

In the event of a breakthrough above the $3,920 resistance level, Ether might potentially surge towards the $4,000 resistance. Further upward momentum could prompt a test of the $4,200 mark.