Search Inside Bitcoins

SEC Expected to Approve ETH Futures ETF – Ethereum Jumps By 11%

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Multiple Ether ETFs may start trading next week
Multiple Ether ETFs may start trading next week

Join Our Telegram channel to stay up to date on breaking news coverage

The Ethereum price jumped by almost 11% after an August 17 report from Bloomberg cited many sources that said the US Securities and Exchange Commission would likely allow the ETH Futures ETF applications to go through.

Expectations that the SEC would likely accept spot Bitcoin ETF applications have led a flurry of companies to apply for ETH Futures ETF.

12 companies have filed to provide ETH Futures ETF, including Volatility Shares, Valkyrie Bitwise, Roundhill, and ProShares.

While the news is good, it is not yet clear which companies will get their ETF applications approved. That said, reports say multiple applications will be approved in October.

“This is not surprising to us,” said ETF analyst Eric Balchunas, expressing his confidence that the US SEC will approve ETH Futures ETF.

He also questioned what it means for spot ETFs, adding that the current news indicates that SEC’s stance regarding the matter can change for the positive.

Ethereum Price Drops with Bitcoin Downturn, But Gets Second Wind with ETH Futures ETF News

Bitcoin lost its $29k support today, dropping to just over $26k. This bloodbath has resulted in the entire market dropping from Binance Coin dropping by 5% and SUI experiencing a 10% dip.

Ethereum Price Falls

As a result, Ethereum’s price has gone down by 5% in the last 24 hours, and it is currently trading below $1.7k, likely acting as its current psychological resistance.

In reaction to the current bearish trend, Ethereum’s trading volume has increased 185% in the last 24 hours. Hourly charts also show that Bulls are trying to reclaim ETH’s price with multiple green candles forming.

These bulls are likely acting on the news about the ETH Futures ETFs. Ethereum’s RSI has rebounded from 20 to 38. Although the condition is still bearish for the world’s largest altcoin, the RSI signals stabilization.

SpaceX BTC Sell-Off and Evergrande Bankruptcy Cause Bitcoin to Lose $29k Support

After staying above the $29k mark that people thought would last longer and potentially push Bitcoin above its $30k resistance, BTC was hit negatively by two events pushing its value below $26.5k.

The first of the two events is bankruptcy filed by Evergrande, a leading property developer in China. New York Times reported that after a 2021 meltdown, Evergrande had filed a bankruptcy petition in the United States Bankruptcy Court. The property developer has total liabilities of $335 billion.

Another piece of news comes from Bloomberg, which highlighted the Wall Street Journal report that revealed SpaceX is selling off its Bitcoin holdings after writing down $373 million.

The resulting downturn of Bitcoin caused multiple tokens to fall, with Ethereum being one of them. While the hourly uptrend ETH has received is positive, investors still don’t know how long it would take for ETH to reclaim $1.8k.


Smog (SMOG) - Meme Coin With Rewards


Smog token
  • Airdrop Season One Live Now
  • Earn XP To Qualify For A Share Of $1 Million
  • Featured On Cointelegraph
  • Staking Rewards - 42% APY
  • 10% OTC Discount -
Smog token

Join Our Telegram channel to stay up to date on breaking news coverage

Read next