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Last week, companies in the crypto market like Ethereum were jolted when the United States Securities and Exchange Commission (SEC0) revealed that it found the bitcoin spot ETF filings of giants like BlackRock and Fidelity to be insufficient. This news saw the price fall sharply in the cryptocurrency. But as the new week began, investors have shrugged off the impact of the announcement and the bulls have started taking over.
Ethereum eyes the $2,000 level
Ethereum’s recovery following the SEC’s announcement has been encouraging for investors, marking a return to positive sentiment around the digital asset. Following this, ETH is now eyeing the $2,000 level, even though the bears have put up significant resistance at this point.
The digital asset has already reclaimed the $1,950 resistance which is now acting as a support. As a result, this could provide a much-needed rebound as the cryptocurrency attempts another rally. A rally like this from here could easily see ETH reclaim $2,000.
Fortunately, Ethereum continues to trade well above its 50-day and 100-day EMAs, both of which have helped the digital asset consolidate its bullish momentum for the near term. As long as the buyers dominate the market, a break above $2,000 is programmed and will likely be achieved before the end of the week.
ETH sitting close to $2,000 | Source: ETHUSD on TradingView.com
Factors That Could Push ETH Up
One thing that could serve as a catalyst for Ethereum to rally towards $2,500 would be an approval from the United States Securities and Exchange Commission (SEC). Spot ETF filings by companies such as BlackRock and Fidelity have already moved the market. But this is only a fraction of what is possible if one or more ETFs get approved.
Such approval is likely to bring billions of dollars into the market from institutional investors as they rush to take profits and gain exposure to assets like bitcoin. And as seen earlier, the Ethereum Spot ETF will not be long in coming.
If this happens, it could not only trigger a rally towards $2,500 for Ethereum. But it could be just the catalyst the market needs to enter another bullish season. In addition, the approval that comes with the halving of bitcoin next year will cause prices to skyrocket.
For now, ETH is still holding its position and is trading at a price of $1,967. This includes a gain of 2.68% in the last day and a gain of 3.88% in the last week.
