Ethereum on a Rollercoaster Ride: ETF Approval in Sight, But SEC Throws Up Hurdles
Ethereum (ETH) has been on a wild ride this week, fueled by optimism surrounding a potential spot ETF approval. However, the U.S. Securities and Exchange Commission (SEC) has thrown a wrench in the works, demanding updated filings from exchanges, casting doubt on the timeline.
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SEC Requests Slow Down Approval Process
Just as excitement was reaching a fever pitch, the SEC issued a directive requiring exchanges to update their 19b-4 filings related to proposed rule changes for the ETF. These filings ensure investor protection and fair markets, but the added step adds uncertainty to the approval process.
Social Media Buzzes with Mixed Signals
Despite the SEC’s roadblock, social media remains abuzz with anticipation. Proponents like Anthony Pompliano believe ETF approval would be a “dam breaking” moment for the entire crypto industry. However, data from CoinShares indicates ongoing bearish sentiment, with outflows of $23 million this week.
A Silver Lining: VanEck ETF Listed by DTCC
A glimmer of hope emerged with VanEck’s spot Ethereum ETF being listed by the Depository Trust and Clearing Corporation (DTCC). This is a significant step, but final approval from the SEC is still required.
Investor Frenzy: Ethereum Sees Highest Exchange Inflows This Year
The ETF speculation has triggered a frenzy among investors. Data from Nansen Intelligence reveals the highest net inflow of ETH to exchanges since January, suggesting potential profit-taking or pre-ETF positioning.
Analyst: Altcoins to Benefit Most from ETF Approval
Pseudonymous analyst DonAlt predicts a surge for altcoins, particularly those tied to the Ethereum ecosystem, if the ETF gets the green light. He believes Bitcoin might see reduced inflows, while Ethereum and undervalued altcoins could experience significant gains.
Technically Speaking: Ethereum Eyes $4,000
Ethereum’s price has surged in response to the ETF buzz, testing the $3,840 mark. Technical indicators suggest continued upward momentum, with potential to reach $4,000 if key resistance levels are broken.
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