At this point, Ethereum spot ETFs being approved seem like the next step in the chain, and the crypto community continues to wait earnestly.
However, this week, the SEC has once again repeated the same thing they did with the spot Bitcoin ETFs, before finally approving them.
Endless postponement.
This week, the SEC has postponed another ETH ETF application from BlackRock, right after postponing a similar company's request last week.
This chain of postponement is likely going to continue for a while. However, what are the odds that we see an Ethereum Spot ETF in the US, sooner than anyone realizes?
Let's find out.
According to a recent SEC.gov document dated 25 January 2024, the regulator has now pushed the deadline for its decision on BlackRock's spot ETH ETF further into the future, until 10 March 2024.
According to the document, the SEC may need more time to finalize a few things.
In detail, the document reads:
"The Commission finds it appropriate to designate a longer period […] so that it has sufficient time to consider the proposed rule change and the issues raised therein.
Accordingly, the Commission […] designates March 10, 2024, as the date by which the Commission shall either approve or disapprove […] the proposed rule change".
In essence, the SEC has the authority to either approve, disapprove or postpone decision deadlines on issues like these indefinitely and has chosen to postpone until March.
The SEC also has the power to extend the review period for as many as 240 days, as per the Securities Exchange Act of 1934.
Keep in mind that earlier this week, the SEC also postponed its decision on Fidelity's similar application on 19 January.
As it turns out, the new deadline for both of these companies has now been set to March.
James Seyffart, an ETF analyst at Bloomberg Intelligence in a tweet, has even said that he expects more delays on Ethereum ETF applications.
Seyffart says that the delays will continue to happen, at least until the agency has more clarity on how to handle cryptocurrencies like Ethereum, which may or may not be securities.
Things started to go bad on Monday, 22 January, when ETH first broke below its 20-day EMA around $2,420.
The bears took this opportunity and started to pull Ethereum straight under until it ended up only inches above the $2,140 resistance.
This break below the 20-day EMA and the RSI's position under the 50 mark indicates that the bears may have a slight edge over the bulls.
The bears' attempt to force ETH into a retest of $2,145 is likely to continue from here.
However, the bulls should be able to defend this zone against further declines.
We are bound to see some more consolidation above $2,145 from here on out, at least until a winner emerges from the fight between the bulls and bears.
If a decline does happen though, Ethereum will likely hit anywhere between $2,100 and $1,900.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.