SEC Chair Optimistic Remark, Fuels Optimism In ETH price?

• 1 At press time, ETH was trading at $3367.5, liquidity is weak.
• 2 An ongoing golden crossover highlights bullishness, but a bearish MACD crossover and RSI below 50 indicate that caution is advisable.
• 3 SEC Chair Gary Gensler said that the ETF approval process Is going smoothly.

In a tweet by @Kevin Svenson on the X platform, the kevin shared an interview with SEC Chair Gary Gensler was featured where he discussed in the video about the Ethereum ETF approval process. Moreover, in that video, Gensler highlighted that an Ethereum futures ETF went live last year, and there have been filings for Cash Ethereum exchange-traded products. 

However, he was uncertain about the exact timing for the completion of the process, Gensler noted that it is progressing well. Similarly, the SEC Chair further highlighted that the duty is on the asset managers now to make full disclosures for the registration statements to become effective; this procedure was familiar to lawyers and is handled by the SEC’s division of corporation finance. Likewise, this process, he mentioned, is functioning smoothly and is a routine part of their career.

From an optimistic standpoint, this development could be seen as a positive indicator for the price of Ethereum. Correspondingly, the advancement towards the Ethereum ETF suggests a growing institutional interest and a potential increase in its mainstream adoption. 

Especially, such factors are often viewed favorably by investors and this could lead towards a bullish sentiment in the ETH crypto market. Gensler said that the smooth progress of the ETF approval is in process, coupled with the anticipation of increased transparency and regulatory clarity. Thus, it may contribute to a positive outlook for Ethereum’s valuation, as well.

Ethereum (ETH) Crypto Technical Overview!

At press time, ETH trading at $3367.5 and liquidity was low.

ETH recently experienced a pause in its upward trend movement, having reached a high of $3,970. This consolidation period came on the heels of a spectacular 25% increase in its price, which was triggered by a breakout from a bullish pattern of a descending triangle pattern on the daily chart. Despite a minor pullback from its recent peak, the crypto is nearing the $3,750 level.

Should Ethereum (ETH) manage to surpass and maintain above this hurdle point, it could probably display a bullish trend to resume, which could potentially leading to additional gains. Meanwhile, the technical tools on the daily chart largely hints at a positive outlook. The price has been above the 200-day EMA that implied that the bullish momentum may continue in the long term.

The golden crossover of the 50-day and 200-day EMAs is a strong sign of a favorable long-term trend. Conversely, the MACD exhibited a bearish crossover.

The RSI declined below the 50 level and the 14-day SMA, that shows a momentary loss in momentum. For confirmation of a sustained upward trend in ETH, it would be wise to observe the RSI’s recovery above the median line (DYOR).

Summary

Ethereum’s ETF progress that was highlighted by SEC Chair Gensler, signals potential mainstream adoption and investor confidence. Thus, it could boost market sentiments for  ETH.

Technical analysis shows ETH at a pivotal $3,250 level and is above 200-day EMA. The ongoing golden EMA crossover, suggested a bullish long-term trend. 

However, a bearish MACD crossover and RSI below 50 advise caution. A sustained rise depends on RSI recovery, indicating Ethereum’s readiness for upward momentum. 

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Adarsh ​​Singh

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.