SEC Delays Ethereum ETF Approval, Sparks Mixed Reactions
The Essentials at a Glance
The crypto community is disappointed about the SEC’s repeated delay of an Ethereum ETF. Despite a promising start to the third quarter of 2024, Ethereum is experiencing a price decline. Analysts and community members comment on the situation and its impact on the market.
Ethereum on the Decline: What’s Behind It?
After a strong start to the third quarter of 2024, Ethereum (ETH) is recording another decline. According to CoinMarketCap, the price of ETH fell by 1.11% in the last 24 hours. Despite this decline, technical indicators such as the MACD and the RSI suggest a possible trend reversal. Ethereum is on the verge of breaking through a critical resistance mark, which could signal the beginning of a bullish phase for the largest altcoin.
Delay of the Ethereum ETF: An Analysis
Analysts Eric Balchunas and James Seyffart have confirmed that the SEC has set a new deadline for filing the documents. The delay has triggered mixed reactions in the crypto community. Nate Geraci, President of ETF Store, expressed general frustration: “It shouldn’t take this long.” Eric Balchunas tried to reassure the community by pointing to the impending approval of the ETH ETF.
Community Reaction
The news of the delay was not well received in the crypto community. Many share the opinion that the process is unnecessarily prolonged. A Twitter user, @StrongHedge, expressed anticipation for the approval of the ETH ETF: “Just a few more days until the $ETH ETF. Stop looking at $BTC, start with $ETH.”
Our Assessment
The repeated delay of the Ethereum ETF by the SEC is undoubtedly a setback for the crypto community, leading to uncertainty and frustration. However, the technical indicators and the confidence of some analysts suggest that a trend reversal is possible. It remains to be seen how the situation develops, but one thing is clear: the approval of an Ethereum ETF could have significant impacts on the market and further increase interest from both institutional and private investors.
Sources: AMBCrypto, CoinMarketCap, TradingView
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