Ethereum’s price continues to advance towards $4,000 despite market-wide liquidations and the U.S. SEC postponing a decision on Blackrock and Fidelity ETH ETF filings.
Ethereum traders have doubled bullish positions despite a major setback to institutional participation on the pioneer smart contract network and intense market volatility recorded on Mar. 6.
Market analysis explores how this show of conviction among speculative traders could impact the ongoing ETH price rally in the near-term.
Ethereum price reclaims $3,900 despite bearish headwinds
Ethereum’s price rose 9%, soaring from $3,500 to a peak of $3,900 within the daily timeframe on Mar. 6. The latest wave of ETH price rally is remarkable, as ETH defied downward pressure from two major bearish events.
The crypto markets suffered intense volatility as investors who booked profits when BTC claimed a new all-time high on Mar. 5 inadvertently triggered over $1 billion in liquidations.
Previously, crypto.news also reported that the U.S. SEC had postponed its decision on Blackrock and Fidelity’s filings to launch an Ethereum ETF product.
Despite two crucial events, ETH added another $48 billion to its market cap within the daily timeframe on Mar. 6, breaking past $3,900 for the first time in three years.
It was previously anticipated that the SEC would provide a verdict as early as April 2024. Still, the latest development means that the May 7 deadline on Vanguard’s application is now the most significant date for a possible ETH ETF approval verdict.
The launch of the Ethereum ETF is expected to open the floodgates of institutional demand, as observed in the Bitcoin markets over the past month.
Typically, news of such a verdict delay
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Author: Ibrahim Ajibade
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