SEC Delays Decision on Ethereum ETFs Amid Market Downturn

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SEC Delays Approval of Ethereum ETF

The U.S. Securities and Exchange Commission (SEC) has once again delayed the decision on the approval of an Ethereum ETF (Exchange Traded Fund). This occurs against the backdrop of a six-day downward trend of Ethereum (ETH).

Blackrock Must Wait

Blackrock, one of the leading institutions that recently received approval for their Bitcoin ETF, has now also applied for an Ethereum ETF. A few weeks ago, the CEO of Blackrock spoke positively about the value of such an ETF in an interview. Unfortunately, the SEC has delayed the decision on approval. A document published by the SEC on January 24 shows that the decision has been postponed by another 45 days.

Decisions on Ethereum ETFs Expected Only in May

The delay in the decision on Blackrock’s application is not an isolated case. Fidelity received a similar response from the SEC. This suggests that other applications for approval of an Ethereum ETF can expect a similar reaction from the SEC. James Seyffart, an analyst at Bloomberg, expects “sporadic” delays in the coming months. He believes that the key decisions will not be made until May.

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Ethereum Records Decline Despite ETF Developments

Despite recent developments in the area of ETFs, Ethereum’s performance seems to have been unaffected in recent days. At the time of writing, ETH has recorded a six-day continuous downward trend. Although the decline has been minor in the last two days, it has pushed the trend below its short-term average (yellow line) – for the first time in about four months. This indicates a weakening trend in price, which is also confirmed by the Relative Strength Index (RSI). At the time of writing, the RSI was around 40, indicating a strong bearish trend.

Sources: AMBCrypto, Bloomberg

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Last update: 19. February 2024

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