Ethereum has skyrocketed 25% since the beginning of the week, clawing back significant losses incurred since March. This surge is fueled by escalating rumors that the SEC might finally approve a spot Ethereum ETF. In recent months, Ethereum has been in a downtrend due to concerns about delayed spot ETF approvals.
The SEC is set to announce its final verdict on VanEck's application, the first for an ETH ETF. A positive decision is expected to trigger immediate bullish sentiment. If Ethereum breaks past the $3,800 resistance, it could potentially climb toward the Fibonacci expansion zone of $4,400-$4,800. The $4,090-$4,100 range could act as intermediate resistance on this upward trajectory.The Ethereum market has been in a holding pattern for the past three days.
While most anticipate the SEC's approval, the possibility of a surprise decision can't be ruled out. Keeping a close eye on key support and resistance levels will be crucial for informed trading decisions in this uncertain environment.Institutions and billionaire investors worldwide are already well ahead of the game when it comes to AI-powered investing, extensively using, customizing, and developing it to bulk up their returns and minimize losses.
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