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Spot Ethereum ETF Approval Odds Raised to 75% by Analysts

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Analysts have increased their odds of spot Ethereum exchange-traded fund (ETF) approval. This shift in sentiment comes amid renewed optimism about regulatory approval from the US Securities and Exchange Commission (SEC).

The move signals a potential breakthrough in the prolonged quest for a spot Ethereum ETF.

Renewed Optimism for Spot Ethereum ETF Approval

Eric Balchunas and James Seyffart, ETF analysts at Bloomberg Intelligence, recently announced that they are increasing their odds of spot Ethereum ETF approval from 25% to 75%. Balchunas explained the reason behind their renewed optimism.

“Hearing chatter this afternoon that the SEC could be doing a 180 on this increasingly political issue, so now everyone scrambling. But again, we capping cat 75% until we see more, e.g., filing updates,” Balchunas wrote on his X (Twitter) account.

The SEC reportedly requested asset managers that want to list spot Ethereum ETFs to update 19b-4 filings ahead of the deadline this week. This move has sparked speculation and activity within the industry as stakeholders anticipate potential approval.

Read more: Ethereum ETF Explained: What It Is and How It Works

Balchunas also referred to a statement from ETF Store’s Nate Geraci. BeInCrypto reported that Geraci predicted the “SEC to approve 19b-4s & then slow play S-1s.”

The 19b-4 filings propose rule changes necessary for listing new products, like spot Bitcoin or Ethereum ETFs, on stock exchanges. Meanwhile, S-1 registration forms provide detailed information about new securities offered to the public, including the fund’s structure, management, and investment strategy. It is important to note that the issuers must get approval for both forms to officially launch the ETFs in the market.

However, Seyffart noted that their increased odds are only for “the 19b-4 May 23 deadline,” referring to VanEck’s spot Ethereum ETFs approval.

“It could be weeks to months before we see S-1 approvals and, thus, a live Ethereum ETF,” Seyffart added.

This development is particularly interesting given that both Seyffart and Balchunas had been decreasing their odds for the past months. Moreover, prominent figures in the industry, including Jan van Eck, CEO of asset manager VanEck, have expressed their pessimism on the spot Ethereum ETF approval.

Following this news, Ethereum’s (ETH) price has significantly increased. According to BeInCrypto’s data, ETH’s price has surged by 19.98% in the last 24 hours. At the time of writing, ETH is now trading at $3,676.

Read more: How to Invest in Ethereum ETFs?

ETH Price Performance.
ETH Price Performance. Source: BeInCrypto

The market optimism extends to Ethereum betas—altcoins under the Ethereum ecosystem—including Polygon (MATIC) and Optimism (OP). For the last 24 hours, MATIC and OP prices have risen 9.4% and 19.7%, respectively.

Overall, this heightened probability of approval has infused the market with renewed enthusiasm. As the SEC’s decision looms, industry stakeholders are closely monitoring updates.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Exploring Upward Momentum and Bullish Prospects

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Should Investors See This as a Buying Chance?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Ethereum Reverses Course: Can ETH Bulls Save The Day?

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Ethereum price failed to climb above the $3,520 zone and corrected gains. ETH is now showing bearish signs below the $3,400 support zone.

  • Ethereum started a downside correction after it failed to surpass the $3,520 zone.
  • The price is trading below $3,400 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now at risk of more downsides below the $3,350 support zone.

Ethereum Price Dips Again

Ethereum price failed to continue higher above the $3,520 and $3,550 resistance levels. ETH formed a top near $3,520 and started a fresh decline like Bitcoin. There was a move below the $3,450 and $3,420 support levels.

The bears pushed the price below the 50% Fib retracement level of the upward wave from the $3,351 swing low to the $3,516 high. It seems like the price trimmed most gains and might continue to move down below the $3,350 support zone.

Ethereum is trading below $3,400 and the 100-hourly Simple Moving Average. It is also below the 76.4% Fib retracement level of the upward wave from the $3,351 swing low to the $3,516 high.

If there is a recovery wave, the price might face resistance near the $3,400 level. There is also a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD. The first major resistance is near the $3,435 level.

Ethereum Price

The next major hurdle is near the $3,465 level. A close above the $3,465 level might send Ether toward the $3,520 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher. Any more gains could send Ether toward the $3,650 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,410 resistance, it could continue to move down. Initial support on the downside is near $3,365. The first major support sits near the $3,350 zone.

A clear move below the $3,350 support might push the price toward $3,250. Any more losses might send the price toward the $3,120 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,350

Major Resistance Level – $3,435



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