Community Reacts Strongly to Ethereum ETF Delay

Despite a strong start, Ethereum has experienced a decline. The SEC's delay of ETH ETFs has sparked mixed reactions within the cryptocurrency community.

Azcnews Community Reacts Strongly To Ethereum Etf Delay

After a strong start on the first day of Q3 2024, Ethereum [ETH] has once again reversed its downtrend. According to CoinMarketCap, ETH has decreased by 1.11% in the past 24 hours at the time of reporting.

Despite the recent decline, technical indicators such as the MACD and RSI suggest a potential shift from selling to buying pressure. As of the latest update, Ethereum is approaching a key resistance level around $3,538, and a breakout could signal the beginning of a bullish phase for the largest altcoin.

Why is ETH Declining?

Providing further insight into ETH’s current price situation, analysts Eric Balchunas and James Seyffart confirmed that the SEC has set a new deadline—July 8—for filing forms. Balchunas noted, “Unfortunately, it looks like we’ll have to wait until after the holiday to see any significant moves. It seems the SEC has taken extra time to get back to everyone this week (with some very slight adjustments), and from what I hear, next week will be quiet due to the holiday. The process will resume on July 8, and shortly after, they will announce @JSeyff.”

Community Reaction

Unsurprisingly, this news was not well-received by the community, who echoed the sentiments of ETF Store President Nate Geraci, saying, “It shouldn’t take this long.”

To reassure the community, Eric Balchunas stated that as the latest trend unfolds, the crypto community is once again anxiously and eagerly awaiting the approval of the ETH ETF.

StrongHedge captured the sentiment best, remarking, “Just a few days until the $ETH ETF goes live. Stop paying attention to $BTC, start focusing on $ETH.”


(2 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *


Binance Announces Listing Of Banana Gun (banana)

News | Altcoin | Editor Choice

Binance Announces Listing of Banana Gun (BANANA)

The Binance exchange has announced the listing of Banana Gun (BANANA), and this is also the first project on the Binance Airdrops Portal!

Azcnews Whales Accumulate Dogecoin Amid Price Recovery

News | Altcoin | Editor Choice

Whales Accumulate Dogecoin Amid Price Recovery

Recently, Dogecoin investors have accumulated over 60 million tokens. Some analysts believe the current price drop is only temporary.

Pixelverse Officially Announces Pixfi Token Airdrop

Editor Choice | Altcoin | News

Pixelverse Officially Announces PIXFI Token Airdrop

The renowned game Pixelverse, which has attracted close to 80 million users, has finally announced an airdrop for the community through PixelTap and the Dashboard.

Azcnews Bitcoin Drops To $64,000 Amid Us Stock Market Plunge

News | Bitcoin | Editor Choice

Bitcoin Drops to $64,000 Amid U.S. Stock Market Plunge

Bitcoin has corrected back below $64,000 as the U.S. stock market experiences a sharp decline.

Claim Dogs Airdrop (update) And Predict Dogs Price

Editor Choice | Airdrops

Get Free Dogs Airdrop (Update) and Predict Dogs Price

Continuing the mission with Dogs on Telegram, participants of the Dogs Airdrop or those who access the platform and connect their TON wallets. Additionally, predict the price of Dogs upon its listing.