Ethereum price surged to a high of $1,738 on Tuesday, the highest level since August 17th, as investors remained optimistic about cryptocurrencies. The main catalyst for the surge was a US court decision to side with Grayscale in a lawsuit against the SEC. The court said that the SEC should review and approve the ETF. As a result, investors hope that the SEC will move on to approve the fund together with those requested by companies like Blackrock, Vanguard, and Invesco. Grayscale’s initial strategy will likely be to convert the $5.2 billion Grayscale Ethereum Trust (ETHE) into a spot ETF. The 4H chart shows that the ETH price moved from a consolidation phase and made a strong bullish breakout. It has moved above the crucial resistance level at $1,702, the highest level on August 23rd. The coin has also moved above the 25-day and 50-day moving averages. Most importantly, it seems like it is forming a small bullish flag pattern. Therefore, the outlook for the coin is bullish, with the next level to watch being at $1,800. A move below the key support of $1,702 will invalidate the bullish view.To buy Ethereum, investors can use platforms such as eToro and Public. eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 8 |
| People | Invesco, Blackrock, Vanguard, Gary Gensler |
| Companies | Invesco, Grayscale, SEC, Blackrock, Vanguard |
| Currencies | Ethereum, Ether Tech, XRP, Bitcoin, goBTC |
| Securities | None |
