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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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CFTC’s Crypto Market Overhaul Under New Chair Brian Quintenz

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Brian Quintenz, the incoming Chair of the US CFTC (Commodity Futures Trading Commission), has begun meeting with Capitol Hill lawmakers before his nomination hearing.

On Monday, Quintenz met with Senator Chuck Grassley (R-IA) to discuss key regulatory issues, including the CFTC’s role in overseeing crypto spot markets.

CFTC Targets Crypto Spot Market After Derivatives

Brian Quintenz met with Republican Senator from Iowa Chuck Grassley to discuss another element in the CFTC’s crypto market structure regulation agenda. This time, the focus is on crypto spot markets.

“It was wonderful to meet with you Chuck Grassley and discuss your leadership on whistleblower issues as well as the future of the agency,” Quintenz stated.

Grassley also commented on their discussion. He highlighted the CFTC Whistleblower Protection Program for spot crypto markets as part of the agenda. Notably, Grassley is a member of the Senate AG Committee, the legislative body overseeing the CFTC.

Eleanor Terrett, host of the Crypto America podcast, indicated that the Senate AG Committee will have a significant role in part of the CFTC’s crypto regulation agenda. Specifically, it would have an outsized say in whether the CFTC could gain expanded jurisdiction over crypto spot markets.

The meeting comes as the CFTC moves closer to expanding its role in crypto regulation. US President Donald Trump tapped Quintenz, a former executive at venture capital firm Andreessen Horowitz (a16z), to lead the agency.

His appointment is part of Trump’s broader plans to reshape crypto oversight. This could potentially give the CFTC greater authority over digital asset markets.

Meanwhile, regulatory developments surrounding crypto have accelerated in recent weeks. The CFTC eased regulatory hurdles for the crypto derivatives market only days ago. The move will enhance market efficiency and attract institutional investors.

Beyond derivatives and spot markets, the CFTC is also exploring other areas of crypto oversight. The agency recently announced plans to host a roundtable discussion on prediction market regulation. It aims to address the regulation of decentralized prediction platforms.

Stablecoins are also on the agency’s radar. The CFTC also revealed a forum to discuss stablecoin regulation and potential risks associated with their widespread adoption.

Additionally, the Federal Deposit Insurance Corporation (FDIC) and the CFTC revoked previous crypto-related guidelines, signaling a shift in regulatory strategy.

Crypto markets can also not rule out the possibility of further collaboration between key agencies in the broader industry. Reports indicate that the US SEC (Securities and Exchange Commission) and the CFTC have discussed reviving a joint advisory committee to coordinate on crypto regulation.

If revived, the committee could serve as a bridge between the agencies. This would address concerns over jurisdictional overlap and streamlining oversight efforts.

As Quintenz prepares for his nomination hearing, his meetings with lawmakers suggest that crypto regulation will be a top priority for the CFTC moving forward.

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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Solana (SOL) Holds Steady After Decline—Breakout or More Downside?

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Solana started a fresh decline below the $132 support zone. SOL price is now consolidating and might struggle to recover above the $126 resistance.

  • SOL price started a recovery wave from the $122 support zone against the US Dollar.
  • The price is now trading below $130 and the 100-hourly simple moving average.
  • There is a key rising channel forming with support at $124 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could start a fresh increase if the bulls clear the $126 zone.

Solana Price Faces Resistance

Solana price started a fresh decline below the $135 and $132 levels, like Bitcoin and Ethereum. SOL even declined below the $125 support level before the bulls appeared.

A low was formed at $122.64 and the price recently started a consolidation phase. There was a minor increase above the $125 level. The price tested the 23.6% Fib retracement level of the downward move from the $140 swing high to the $122 low.

Solana is now trading below $126 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $124 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near the $126 level. The next major resistance is near the $128 level. The main resistance could be $132 or the 50% Fib retracement level of the downward move from the $140 swing high to the $122 low.

Solana Price

A successful close above the $132 resistance zone could set the pace for another steady increase. The next key resistance is $136. Any more gains might send the price toward the $142 level.

Another Decline in SOL?

If SOL fails to rise above the $128 resistance, it could start another decline. Initial support on the downside is near the $124 zone. The first major support is near the $122 level.

A break below the $122 level might send the price toward the $115 zone. If there is a close below the $115 support, the price could decline toward the $102 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $124 and $122.

Major Resistance Levels – $128 and $132.



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Ethereum Price Faces a Tough Test—Can It Clear the Hurdle?

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Ethereum price started another decline and traded below the $1,850 level. ETH is now consolidating and facing key hurdles near the $1,850 level.

  • Ethereum struggled to continue higher above the $1,980 resistance level.
  • The price is trading below $1,860 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line with resistance at $1,810 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $1,850 and $1,880 resistance levels to start a decent increase.

Ethereum Price Attempts Recovery

Ethereum price failed to continue higher above $2,050 and started another decline, like Bitcoin. ETH declined below the $1,880 and $1,850 support levels.

It tested the $1,765 zone. A low was formed at $1,767 and the price recently started a short-term recovery wave. The price climbed above the $1,800 resistance. There was a move above the 23.6% Fib retracement level of the downward move from the $2,033 swing high to the $1,767 low.

There was also a break above a connecting bearish trend line with resistance at $1,810 on the hourly chart of ETH/USD. Ethereum price is now trading below $1,860 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $1,850 level. The next key resistance is near the $1,860 level. The first major resistance is near the $1,900 level and the 50% Fib retracement level of the downward move from the $2,033 swing high to the $1,767 low.

Ethereum Price
Source: ETHUSD on TradingView.com

A clear move above the $1,900 resistance might send the price toward the $2,000 resistance. An upside break above the $2,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,050 resistance zone or even $2,120 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,850 resistance, it could start another decline. Initial support on the downside is near the $1,800 level. The first major support sits near the $1,780 zone.

A clear move below the $1,780 support might push the price toward the $1,765 support. Any more losses might send the price toward the $1,710 support level in the near term. The next key support sits at $1,665.

Technical Indicators

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

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

Major Support Level – $1,800

Major Resistance Level – $1,850



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