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Lockridge Okoth
FXStreet
Following the landmark approval of spot Bitcoin exchange-traded funds (ETFs) on January 11, the Ethereum (ETH) community started envisioning a similar investment product of their own. Nevertheless, it is impossible to ignore the months-long back-and-forth that transpired between the institutional players and the US Securities & Exchange Commission (SEC).
Also Read: SEC lives up to the expectations as it delays spot ETH ETF; Ethereum price makes no move
Hester Peirce, alias Crypto Mom and an SEC Commissioner, hopes for a better journey to approval for spot Ether ETFs relative to their Bitcoin counterparts. Speaking to Zack Guzmán of Coinage, the Commissioner said, “That’s not how we’re going to do our approvals […] I think that kind of a lesson will certainly stick with us,” referring to the tumultuous engagement that led to the spot BTC ETFs approvals.
NEW: SEC Commissioner Hester Peirce tells me the SEC won’t repeat the same mistakes with ETH ETFs after fumbling Bitcoin ETFs:
“That’s not how we’re going to do our approvals … I think that kind of a lesson will certainly stick with us.pic.twitter.com/QNu52Gmr3H
Specifically, Peirce anticipates “regular way considerations” to spot ETF products much like has been applied to other related products, without the need for court orders to deem the agency’s approach “arbitrary and capricious.” Still, she articulates that spot BTC ETFs had met the requirements for approval much earlier. She also celebrates that people now have a cheaper and more efficient way of gaining access to BTC.
Multiple participants in the crypto sector, including Valkyrie Fund CIO Steven McClurg, say an ETH ETF launch would be unsurprising.
NEW: @ValkyrieFunds Chief Investment Officer @stevenmcclurg says it wouldn’t surprise him if he saw “Ripple” ($XRP) and Ethereum spot ETFs coming to market now that the @SECGov is about to approve one for Bitcoin. pic.twitter.com/EBcwvbgChs
Meanwhile, multiple institutions have already submitted applications for spot ETH ETFs, including VanEck, Ark21Shares, Hashdex, Grayscale, and Invesco. While chatter about Ether ETFs was still fresh, Ethereum experienced a supply shock, where funds rushed into the ETH market as investors front ran a possible spot ETH ETF.
The proof-of-stake (PoS) token’s market value continues to fall as momentum is steadily dropping on the Relative Strength Index (RSI). It comes after the Ethereum price slipped below the lower boundary of the ascending channel, stomped y overhead pressure due to the 50-day Simple Moving Average (SMA) at $2,336.
Increased selling pressure could see the Ethereum price extend the fall to test the support confluence between the 100-day SMA and the horizontal line around $2,135. In a more dire case, the dump could see ETH extend a leg lower to the $2,000 psychological level, standing nearly 10% below current levels.
ETH/USDT 1-day chart
On the other hand, if the bulls resurface, Ethereum price could push north, potentially reclaiming the confines of the ascending channel before confronting the 50-day SMA. In a highly bullish case, ETH could tag the $2,388 resistance level.
A break and close above the aforementioned blockade could see Ethereum price hit the midline of the channel around the $2,600 psychological level or even extend a neck higher to the $3,000 psychological level. Such a move would mean a 35% climb above current levels.
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