If you’ve been following recent digital currency news, then chances are that you’ve heard that the U.S. Securities Exchange Commission has decided to reconsider their decision to block the Winklevoss Bitcoin exchange-traded fund project, thus determining a considerable increase in bitcoin’s value, putting it well above its last all-time high.
Well, recent reports indicate that the SEC has also decided to review whether they want to approve an Ethereum-based exchange-traded fund, for Ether. Backers from the EtherIndex Ether Trust Fund initially filed a report with the SEC in the summer of 2016 on the NYSE Arca exchange, which then further proposed the project to the SEC in January this year.
In a recent statement made by the SEC, it was mentioned that: “Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.”
A possible positive answer in this regards will likely encourage further development in the ether market, which is already further increasing in price. Right now, ether, the crypto-fuel for Ethereum-based projects is trading slightly above the value of $50.
It still isn’t certain whether the SEC will approve this decision, considering the fact that they denied the first bitcoin-based ETF at first. But given their decision to reconsider the Bitcoin ETF, this also creates chances for the Ether ETF.
An approval of the project will allow numerous more investors to get the chance to get involved in the Ethereum market, and yield higher investments in the future. While Ethereum’s digital asset isn’t meant to be traded as a currency, but rather to help pay/fuel smart contracts and other projects running on the Ethereum blockchain, it will likely encourage adoption, awareness and popularity of the project, which would be great news for the Ethereum community.
Based on everything that has been outlined so far, what do you think about the SEC considering to approve the Ether ETF? Let us know your thoughts in the comment section below.
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- ETH/USD Encounters Technical Resistance Ahead of Holiday: Sally Ho’s Technical Analysis 23 December 2020 ETHEthereum (ETH/USD) was given early in today’s North American session as the pair depreciated to the 592.64 area after trading as high as the 638.75 area during the Asian session, right around the 61.8% retracement of a historical depreciating range from 982.99 to 80.60. During a retracement higher to the 622.35 level during the North American session, ETH/USD encountered technical resistance around the 61.8% retracement of the depreciating range from 638.75 to 592.64. Chartists also note ETH/USD ran into selling pressure around the 50-hour simple moving average. Some additional areas of potential technical support that traders are carefully observing include the 580.00, 559.95, 550.03, 530.41, and 523.78 areas. Stops were recently elected above the 627.83, 638.28, and 652.36 areas during ETH/USD’s escalation to fresh multi-year highs. One additional upside target is the 702.42 level, an area that represents the 76.4% retracement of the depreciating range from 894.50 to 80.60. The pair this past week found technical support just below the 576.77 area, a level that represents the 38.2% retracement of the appreciating range from 480.08 to 636.53. Stops were recently elected above the 583.43 area during the appreciation, representing the 50% retracement of the depreciating range from 636.53 to 530.32. The previous multi-year high around the 636.53 area represented a test of the 637.79 level, an upside price objective related to buying pressure that emerged earlier this year around the 135.12 area. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly). Price activity is nearest the 100-bar MA (4-hourly) at 600.84 and the 50-bar MA (Hourly) at 614.37. Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below. Technical Resistance is expected around 679.78/ 702.42/ 750.28 with Stops expected above. On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage. On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.