Ethereum ETF Approval Boosts Ether’s Value; SEC Signals Positive Stance

The likelihood of Ethereum ETF approval has increased as the SEC signals a more positive stance towards spot Ether ETFs, causing Ether’s value to surge. Ether reached as high as $3832.50.

Bloomberg analysts revising the approval probability from 25% to 75% due to increased discussions on expedited 19b-4 filings.

The shift has also spurred a broader crypto rally, with Bitcoin surpassing $70,000 to a high price today of $71,958. The price is off its highs and trading near close for the day however at $70,142.

For Etherium, it is continuing its surge that started yesterday when the price moved from a low of $3049. The move to the high price today took the price of the digital currency up over 25% in the two-day period.

The high price for 2024 reached $4092.80 on March 12. The decline since that peak took the price down to test the 50% midpoint of the move up from the October 2023 low at $2807.20. Support buyers leaned against that level and have been able to hold support in up and down trading until the most recent break (over the last two days) and surged on the hopeful ETF approval.

Suddenly a retest of the March 12 high at $4092.08 is not that far away. Moving above that level would take the digital currency to the highest level since December 2021. Ethereum’s all-time high price is up at $4866.90.

Meanwhile, bitcoin moved to a high of $71,958 today and got closer to the April high at $72,756 before rotating back down toward the $70,000 level. The all-time high price reached on March 14 extended up to $73,794. That level remains a key target on the topside on further upside momentum

On the downside watch $68,992. That was the high price going back to 2021. Staying above that level would comfort the buyers, and keep them in a firm control.

This article was written by Greg Michalowski at www.forexlive.com.