Ethereum ETF Launch: All the Individual S-1 Applications Approved by the SEC

The SEC has approved all the individual S-1 Ethereum ETF applications. All the ETFs are set to be listed on the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE).

The US Securities and Exchange Commission (SEC) has approved several spot Ethereum ETF applications. These ETFs will be listed on either the New York Stock Exchange (NYSE) or the Chicago Board Options Exchange (CBOE).

However, the Hashdex Nasdaq Ethereum ETF application, which was filed later than the others, may still be pending approval.

Here's a breakdown of the ETFs and their respective exchanges:

CBOE has confirmed that it will be listing the following spot Ethereum ETFs on its exchange by Tuesday, July 23, 2024.

Other ETFs, such as the Grayscale Ethereum Trust (which is not an ETF) and the ProShares Ethereum ETF, will be listed on the NYSE’s Arca platform on the same day as the CBOE listings, i.e., July 23, 2024.

Despite the highly anticipated launch of Ethereum ETFs, which many expected to drive the price of ETH above $5,000, the cryptocurrency has only seen a 2.5% increase in value as of press time.

The market had anticipated a surge in Ethereum's price to cross the $5,000 mark with the launch of the ETFs. However, even on the launch day, Ethereum was only up by 2.5%, trading at $3488 at the time of this report.

Our investigation has revealed several factors contributing to the lack of bullishness in Ethereum's price movement.

This classic trading strategy involves large whales or traders buying crypto during periods of market rumors and selling at higher levels as the news drives up market enthusiasm.

In the case of Ethereum ETFs, the crypto had already rallied from $3000 to $3500 (16.5%) following rumors of the ETF approval.

As a result, some investors who bought Ethereum during the $2800-$3000 period have started selling, preventing the price from rising further.

Moreover, the recent crypto market crash, which saw the market cap decline from $2.65 trillion to $2.11 trillion, has left investors feeling hesitant to buy.

This hesitation is further evident in the lower buying volumes, which are expected to shift as these investors gradually return to the market.

However, the launch of Ethereum ETFs has sparked speculation of an upcoming crypto alt season.

An alt season refers to a period of sustained bullishness in the crypto market, during which altcoins experience significant price growth.

One common characteristic of all alt seasons is a decrease in Bitcoin's market dominance.

This occurs because as altcoins outpace Bitcoin in terms of price growth, their collective value contributes more to the overall crypto market capitalization.

After a bullish trend that began on July 8, Ethereum appears to have reached a local high of $3543 on July 20.

However, an intraday selloff has caused the price to drop to $3485 at the time of writing.

Alt- Ethereum/USD 1-D Charts on 20 July 2024

Technical indicators like the RSI are also suggesting that the price may remain weak for the next few days as the old buyers exit.

On the upside, Ethereum faces resistance at $3550, a break above which could push ETH towards $4000.

On the downside, there is a risk of Ethereum falling if prices break down below $3400. In case of a breakdown, which is less likely, Ethereum could drop to $2900.

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