Sec Delays Ethereum Etf Application As Eth Faces Six-Day Downtrend
Journalist
- Blackrock Gets Delayed Spot ETF Decision.
- ETH has experienced six consecutive downtrends.
Following Bitcoin’s approval [BTC] Ethereum is now the focus of Ethereum ETFs [ETH] Spot ETF proposals are filed with the SEC. Spot ETH ETFs were proposed by the same prominent institutions that spearheaded Spot BTC. One of these proposals has received a response from the SEC.
BlackRock Extends Ethereum ETF Approval
BlackRock is one of the largest institutions to recently receive approval for its spot Bitcoin ETF. As per filings with the SEC, BlackRock is actively seeking approval for a spot Ethereum ETF.
In an interview a few weeks ago, the CEO of BlackRock praised the Spot ETH ETF.
Unfortunately, the SEC has delayed the launch of an ETF for spot ETH.
The SEC published a document on January 24th indicating that the regulator had decided to extend the decision. The document states that the decision was delayed for another 45 days.
Major decisions on Ethereum spot ETFs not expected until May
Fidelity recently received a similar response.
In a similar move to BlackRock, the SEC has postponed its decision on Fidelity’s Ethereum spot ETF proposal. This suggests that the SEC may respond similarly to other filings.
James Seyffart is an analyst for Bloomberg. He assumes that there will be “sporadic” delays. He also predicts that important decisions could be made in May.
ETH decline continues
Ethereum’s performance over the past few days appears to have been unaffected by recent ETF developments. At the time of writing, ETH has been in a downtrend for six days.
The decline in the last two days was very small at around 0.01% according to the latest data.
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. However, it has pushed the trend below its short-term median (yellow lines) for the first time in four months. This indicates a weakening in price action, as shown by the Relative Strength Index.
The RSI was around 40 at the time of writing, indicating a strong bearish trend.
Source: Trading View
