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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
Fwiw, Bloomberg’s @JSeyff saying week of July 8th looks more likely for spot eth ETF approval…
Another source said “it’s also a possibility that it could be later in July or later in the summer.”
My take? It shouldn’t take this long.
via @KathieOD_PI pic.twitter.com/M9LVhfa9vd
— Nate Geraci (@NateGeraci) June 28, 2024
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.”
