SEC Delays Ethereum (ETH-USD) ETFs Until May

The SEC has opted to delay decisions on several Ethereum (ETH-USD) ETF proposals, with final verdicts expected for multiple applicants by the end of May. While expected, the SEC’s decision to delay its approval comes as a disappointment to the cryptocurrency market—especially after the recent court-forced approval of spot Bitcoin (BTC-USD) ETFs.

Bloomberg analyst James Seyffart has expressed growing skepticism regarding the SEC’s approval of spot Ethereum ETFs, particularly pointing to the regulatory body’s apparent lack of engagement with potential issuers as a telling sign. 

Grayscale Proposes Staking Capabilities

Grayscale (OTC:ETHE) has introduced a novel approach to its spot Ether ETF application, proposing the inclusion of staking capabilities (earning rewards by locking coins) for Ether held by the trust. This move, aimed at mitigating inflationary pressures associated with Ethereum’s proof-of-stake protocol, signifies a proactive attempt to align the product with evolving blockchain technologies and potentially enhance its appeal to investors – especially investors interested in income generation.

Ethereum’s Technical Analysis

A technical analysis of Ethereum suggests overall bullishness but also highlights some caution.

MACD Indicator: Ethereum’s Moving Averages Convergence Divergence (MACD) indicator, at 396.87, signals bearish sentiment in the short term and potential Selling pressure. 

20-Period Exponential Moving Average (EMA): Ethereum’s 20-day EMA is at 2890.43, below its current price in the $3,200 value area. This denotes a bullish signal, making it a Buy from a short-term perspective.

50-Period EMA: Similarly, the 50-day EMA at 2410.17, with ETH’s current price also above this longer-term average, reinforces a bullish outlook over a more extended period and, as a result, is a Buy signal.

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