Ethereum Price Remains Stable Above $1,600 Mark After SEC Decision

Key Points:

Ethereum Price Maintains Strong Position Amidst SEC ETF Delay

Further reinforcing the bullish sentiment, Ethereum price has overcome the short-term challenge of a falling wedge formation, as discussed in prior price predictions. Currently trading at $1,608, Ethereum’s journey saw a brief but notable spike to $1,633 during the American trading session.

However, a minor setback occurred due to news surrounding the US Securities and Exchange Commission (SEC) delaying decisions on two spot Ethereum exchange-traded funds (ETFs).

The SEC’s announcement disclosed that the verdict on the ARK 21Shares Ethereum ETF would be postponed until December 26, and the reconsideration date for the VanEck Ethereum ETF proposal is scheduled for December 25. These delays have created a momentary pause in Ethereum‘s upward momentum.

Ethereum’s Path to Further Gains

ETH made a commendable recovery by surging beyond the $1,630 level. Notably, this ascent was facilitated by breaking through a significant bearish trendline, previously resisting near $1,590, as observed on the hourly ETH/USD chart. This move also encompassed a climb above the 23.6% Fibonacci retracement level, calculated from the dip between the $1,669 high and the $1,565 low.

ETH price chart. Source: TradingView

Looking ahead, Ethereum price faces a pivotal resistance at $1,645, which aligns closely with the 23.6% Fibonacci retracement level derived from the dip between the $2,030 swing high and the $1,530 low. A successful push beyond this resistance could potentially propel Ether further upward, fueling expectations of a sustained uptrend in the cryptocurrency market.

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