ETH price soars past $3,800 even after SEC's delay on BlackRock's ETF shakes up the crypto market

Crypto news: As Ethereum remains a key player in the decentralized finance (DeFi) sector, recent trends and analyses suggest a bullish outlook for its price, potentially ETH surging above $3,800. Currently, Ethereum's price stands at $3,847.82, reflecting a 4.25% change over the last 24 hours. This recent price movement has placed Ethereum's market capitalization at $461.36 billion. Year-to-date, Ethereum has experienced a significant change of 67.92%, showcasing its potential as a lucrative investment option.

Ethereum price action:

Ethereum (ETH) has demonstrated strength in its recent price movements, with a 3.26% surge over the past 24 hours, bringing its price to US$3,831.12. This uptick suggests heightened buying interest and positive sentiment among traders and investors. The cryptocurrency's market capitalization now stands at a significant US$458.56 billion. Year-to-date, Ethereum has experienced an impressive surge of 67.92%. In terms of technical analysis, Ethereum's support level is identified at US$2,722, while resistance is at US$3,850, backed by the 100-hourly Simple Moving Average. These levels serve as critical reference points for traders, indicating potential areas of price reversal or continuation. Overall, Ethereum remains in a strong bullish trend, but traders should exercise caution and monitor price movements closely for trading opportunities, considering both technical factors and broader market dynamics.

Ethereum Price Prediction:

In February 2024, Ethereum (ETH) surpassed Bitcoin (BTC) in price performance, setting the stage for a bullish trend in the first week of March. This was further fueled by a surge in staking activity, indicating growing confidence among investors. As the Dencun Upgrade approaches, which is slated for a mainnet launch on March 13, anticipation for Ethereum's potential upside is high, with many expecting a push towards reclaiming the $4,000 price level.

The Dencun Upgrade is particularly significant for its "proto-danksharding" feature, which is expected to significantly reduce transaction costs on Ethereum and its Layer-2 networks. Despite Ethereum hitting a new 2024 peak of $3,827 on March 5, there is a prevailing sentiment among investors to maintain their bullish stance, as evidenced by the increase in staking deposits on the ETH 2.0 beacon chain.

Staking deposits on the Ethereum Proof of Stake (PoS) network have surpassed 31.3 million ETH, up from 30,569,041 ETH, reaching a total stake value of over $115 billion. This milestone underscores the growing interest and commitment of investors towards Ethereum, even at historically high prices, indicating a strong belief in its future potential and the benefits of staking.

Rising staking deposits are crucial for any Proof-of-Stake network, as they indicate growing confidence and participation in the ecosystem. Firstly, they enhance network security and stability, which is especially important during periods of high activity. Secondly, they signal that Ethereum (ETH) investors are adopting a long-term perspective, buoyed by optimism surrounding the upcoming Dencun upgrade. The fact that Ethereum staking has reached $115 billion while prices are at a 3-year peak suggests that investors believe the network improvements will further fuel the rally. This underscores stakeholders' overwhelmingly positive sentiment and conviction in Ethereum's future growth.

SEC Delays BlackRock's Ethereum ETF Decision Again

The U.S. Securities and Exchange Commission (SEC) has once again postponed its decision on asset manager BlackRock's application for a spot Ethereum exchange-traded fund (ETF). BlackRock applied to its iShares Ethereum Trust in November last year, with plans to list it on the Nasdaq if approved. Ethereum is now the second-biggest cryptocurrency by market valuation.

This delay follows the SEC's approval of several bitcoin ETFs, indicating a cautious approach to approving similar products for other cryptocurrencies. A spot crypto ETF would track the market price of the underlying digital asset, allowing investors to gain exposure to the token without needing to purchase the currency itself.

The SEC's continued delay in approving an Ethereum ETF reflects ongoing concerns and considerations surrounding the regulation and oversight of cryptocurrency-based financial products. The crypto price community will closely watch the decision on BlackRock's application as it could pave the way for increased institutional investment in Ethereum and other cryptocurrencies.