The U.S. Securities and Exchange Commission (SEC) on Thursday approved 19b-4 applications from Nasdaq, the CBOE and the NYSE to list ETFs linked to the price of Ethereum, potentially paving the way for the products to begin trading later this year.
What's worth noting, however, is that ETF issuers also need to get the green light before launching products. This primarily involves signing the appropriate S-1 registration statements (the SEC's format for registering a new financial instrument) for spot Ether ETFs to officially begin trading. When can this happen? It is widely believed that the commencement of trading could finally begin in weeks or even months.
The key, however, seems to be the fact of the approval itself, which marks another milestone for widespread crypto market adoption. In the short term, however, we do not see a positive reaction to the decision in the market, with the second largest cryptocurrency losing nearly 2.5% today. Analyzing the process of the introduction of ETFs on Bitcoin, it can be noted that before the approval itself Bitcoin was gaining, while later there was a realization of gains. It is worth noting, however, that since the funds were listed, demand for “physical” Bitcoin has increased significantly, which has pushed up its price. Of course, it will still be some time until additional demand for Ethereum emerges, but it can be expected that the impact in the medium term should be positive.
Ethereum - a look at the chart (D1 interval)
Ethereum is losing 2.6% today, thus negating part of the upward wave initiated on Monday, when the SEC reportedly instructed applicants to accelerate 19b-4 filings. At the moment, it seems that key support points in the short term may be the $3500 psychological barrier zone and the 61.8% Fibo measure of the downward wave initiated at the top of the last upward cycle in 2021. Local resistance, on the other hand, could be the $4,000 zone, which settles at the 78.6% Fibo retracement of the same downward wave, and the local peak at the $4083 zone.
Source: xStation
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