- The world’s second-largest cryptocurrency, Ethereum
(ETH), is facing strong selling pressure. The ETH price is currently trading at $2,243.
- Eleanor Terrett from Fox Business sheds light on the varying opinions and perspectives around the possible approval timeline for the Ethereum (ETH) Exchange Traded Fund (ETF).
- Another source offers a contrary view, stating that the current sentiment at the SEC is a “definite rejection” with some internal resistance against this idea.
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Ethereum price follows a decline alongside Bitcoin: Will Spot Ethereum ETFs get approval from the SEC? Current perspectives!
Perspectives on Spot Ethereum ETFs
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The world’s second-largest cryptocurrency, Ethereum (ETH), is facing strong selling pressure. The ETH price is currently trading at $2,243, with a market capitalization of $265 billion. It appears that the ETH price could find support around $2,000 with an additional 10% decline.
Eleanor Terrett from Fox Business enlightens on the changing views and perspectives around the possible approval timeline for the Ethereum (ETH) Exchange Traded Fund (ETF). The discussions include insights from ETF issuers, investment management companies, and sources close to the U.S. Securities and Exchange Commission (SEC).
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A statement of confidence comes from an issuer of a Bitcoin (BTC) Spot ETF, awaiting approval for an ETH Spot ETF simultaneously. The success of a Bitcoin spot launch with SEC approval could influence the SEC’s decision regarding ETH spot ETFs positively. On the other hand, another source presents a contrary view, stating that the current sentiment at the SEC is a “definite rejection” with some internal resistance against this idea.
Another source believes that the approval process for ETH spot ETFs could be smoother, citing the listing of ETH futures ETFs and showcasing BlackRock’s track record in obtaining ETF approvals. They expect a potential launch to take place by the end of the summer.
Referring to SEC Chairman Gary Gensler’s uncertain stance on Ethereum’s potential status as a security, the source notes ETH’s classification as a commodity by the Commodity Futures Trading Commission (CFTC) and highlights it as a partial victory compared to Ripple’s XRP not being considered a security in secondary market transactions. This situation leads them to believe that claiming most digital assets are securities could be challenging for Gensler.
SEC Commissioner Hester Peirce emphasizes the importance of avoiding repeating past delays with ETH ETFs, highlighting the need to apply the “normal course” of thinking to these products and stating that consistent treatment with other similar proposals is crucial.
Terrett concludes that the fate of Ethereum ETFs lies in the hands of the SEC, and the coming months are expected to provide clues about how thoroughly SEC staff examines S-1 applications.
ETH Price Movement
Ethereum experienced a significant decline, especially falling below the 50-day Exponential Moving Average (EMA) in the last trading session. Analysis suggests that Ethereum could target $2,100. Whether the price drops below and quickly rebounds above this level will be a critical factor indicating a potential bullish movement.
The 200-day EMA is positioned at $1,950, and the interaction of Ethereum’s price with the rising 200-day EMA presents an interesting scenario closely monitored to understand potential market dynamics.