ETH Outlook Remains Bullish Amid Anticipation of Imminent ETF Approval
The SEC is actively reviewing Ethereum ETF applications, leading to a strong expectation of approval soon, possibly even today. This news has intensified bullish sentiment, with the Grayscale Ethereum Trust discount narrowing considerably.
Technical Analysis:
Daily: Strong uptrend, consolidating above the 0.382 Fibonacci retracement level. Stochastic oscillator cooling off, potentially signaling a lower chance of immediate pullback.
4-Hour: Bullish breakout, holding above the 0.618 Fibonacci extension level. High volume indicates sustained buying pressure.
Trading Decision:
Given the high probability of ETH ETF approval and bullish technicals, the outlook remains very bullish. Adjust targets based on price action and news following ETF approval.
