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SEC delays decision on Ethereum ETFs, crypto analyst predicts bullish future

TL;DR

  • The SEC delays Ethereum ETF decisions to May 2024, sparking market speculation.
  • Crypto analyst Pentoshi predicts reduced selling and increased buying as the ETF launch nears.
  • Ethereum’s price targets of “$2,7xx” and “$3.4k” set amid growing excitement.

In a significant development within the cryptocurrency market, the U.S. Securities and Exchange Commission (SEC) has postponed its decision on several Ethereum Exchange-Traded Funds (ETFs) until May 2024. 

This delay comes as investors and analysts eagerly anticipate the potential launch of spot Ethereum ETFs in the U.S. Cryptocurrency analyst Pentoshi, known for their accurate predictions in the crypto space, has shared insights into the market behavior and price targets surrounding this event.

SEC delays decision on Ethereum ETFs

In a move that has captured the attention of the cryptocurrency community, the SEC has delayed its verdict on various Ethereum ETF proposals. These ETFs include the Hashdex Nasdaq Ethereum ETF, the Grayscale Ethereum Futures ETF, the VanEck spot Ethereum ETF, and the ARK Invest spot Ethereum ETF in collaboration with 21Shares. The delay was revealed through regulatory filings dated December 18, 2023.

The SEC has initiated proceedings to gather additional public feedback to assess the feasibility and appropriateness of listing these ETFs, indicating a thorough evaluation process before making any decisions. This delay has heightened speculation and curiosity in the cryptocurrency market as Ethereum enthusiasts eagerly await the possibility of an ETF.

Pentoshi, a respected and prominent crypto analyst affiliated with Merit Circle, has drawn parallels between the current Ethereum ETF situation and their past stance on Bitcoin ETFs. Notably, Pentoshi expressed optimism about Bitcoin ETFs when Bitcoin was trading between $25,000 and $28,000. Drawing from this historical reference, they now offer their perspective on the potential impact of Ethereum ETFs.

Expectations for spot Ethereum ETFs in 2024

Pentoshi shares a positive outlook for the expected spot Ethereum ETFs in 2024. A successful Ethereum ETF would allow investors to trade shares representing Ethereum on traditional stock markets, potentially expanding the cryptocurrency’s reach and attracting a broader range of investors.

Pentoshi employs game theory to predict market behavior as the launch of a spot Ethereum ETF in the U.S. approaches. They anticipate two key dynamics:

Reduced Selling Pressure: As the ETF launch nears, Pentoshi expects investors to hold onto their Ethereum holdings, anticipating a potential price surge. This behavior is likely to decrease the supply of Ethereum in the market.

Increased Buying Interest: Pentoshi believes there may be heightened demand for Ethereum as investors seek to acquire it before the ETF launch, anticipating a bullish market trend thereafter.

In their analysis, Pentoshi presents potential price targets for Ethereum, suggesting price ranges of “$2,7xx” and “$3.4k” around the time of the ETF launch. These targets indicate their belief that Ethereum could reach these price levels as excitement builds in anticipation of the ETF’s introduction.

The current state of Ethereum

At the time of writing, Ethereum (ETH) is trading at approximately $2,283.50. Over the past 24 hours, it has experienced a marginal decrease of 0.35%, while year-to-date, it has witnessed a remarkable increase of 90.24%. These figures reflect the volatility and growth potential inherent in the cryptocurrency market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Ibrahim Abdulaziz

A fervent advocate, Ibrahim shares his wealth of knowledge on crypto and blockchain technology in an engaging and informative style. He frequents places where influencers gather for his next scoop. His vision is that the decentralized nature, security features, and potential for financial inclusion will drive widespread massive crypto adoption.

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