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Ethereum recovers to $3,800, SEC likely to approve ETFs despite Gensler's silence
Ethereum ETFs are likely to be authorized as US politicians press SEC Chair to approve.
When asked to preview the ETH ETF decision on Thursday, SEC Chair declined to comment.
SEC approval of spot ETH ETF applications may boost Ethereum more than Bitcoin.
On Monday, the SEC requested revised issuer 19b-4 forms from exchanges. Exchanges submitted all application forms except Hashdex by Wednesday. BlackRock, Bitwise, Grayscale, Van Eck, Ark 21Shares, Fidelity, Franklin, and Invesco have filed updated 19b-4s.
NASDAQ and NYSE send 19b-4 filings to the SEC to list new items on their trading platforms. ETF S-1s are the first registration paperwork that describe how a fund will be managed and monitor its price.
Before ETFs start, the SEC must approve 19b-4s and S-1s.
Experts and issuers' involvement with the SEC indicate the agency will likely allow 19b-4 filings, but nothing is assured until the order is issued.
SEC clearance of spot ETH ETF S-1 petitions may take days or weeks, according to industry analysts.
After falling from $3,952, Ethereum is now at $3,818. The modest fall halted an attempt to break $4,093 resistance from March 11. The $3,730 support held up throughout the dip.
The unexpected drop was likely triggered by MEV trading company Symbolic Capital Partners selling 6,968 ETH worth $27.38 million. After the quick drop, ETH long and short liquidations are practically equal at $31.22 million and $31.21 million.
Ethereum may break resistance and reach $4,878 if the SEC permits spot ETH ETFs. Bernstein analysts expect ETH to rise 75% to $6,600 as Bitcoin did when the SEC authorized the spot ETF.
Since ETH has a lower market value than Bitcoin and the market has not yet priced in an approval, many thought it would rise higher.
A surprising rejection might send ETH's price plummeting and breach $2,852 support.
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