Last week, the crypto market was shaken when the United States Securities and Exchange Commission (SEC) found the Bitcoin Spot ETF filings of giants such as BlackRock and Fidelity, among others, inadequate. This news saw the price of cryptocurrencies decline rapidly. However, as the new week opens, investors have brushed off the effect of the announcement and bulls have begun to take control.
Ethereum Sets Sight On $2,000 Level
Ethereum’s recovery following the SEC news has been encouraging, leading to a resurgence of positive sentiment around the digital asset. Following this, ETH is now looking toward the $2,000 level despite the bears currently presenting significant resistance at this point.
The digital asset has already reclaimed the $1,950 resistance which is now acting as support. This could provide the much-needed bounce-off point as the cryptocurrency attempts another rally. Such a rally from here could easily see ETH re-take $2,000 once more.
Fortunately, Ethereum continues to trade higher than its 50-day and 100-day moving averages, both of which have helped the digital asset to solidify its bull momentum for the short term. As long as buyers continue to dominate the market, the break above $2,000 is likely and could be achieved before the week runs out.
ETH sitting close to $2,000 | Source: ETHUSD on TradingView.com
Factors That Could Propel ETH Forward
One thing that could act as a catalyst for a rally towards $2,500 for Ethereum would be approval from the United States Securities and Exchange Commission (SEC). The Spot ETF filings that have been made by the likes of BlackRock and Fidelity have already pushed the market forward. But this is just a fraction of what could happen if one or more of the ETFs are approved.
Such approval could see billions of dollars from institutional investors flow into the market as they rush
