Ethereum ETF Staking Proposal Receives SEC Acknowledgment as Price Nears $2,736
Bitcoin has surpassed $97,000 as the crypto market shows signs of recovery. Ethereum remains above $2,700, boosted by positive sentiment following the SEC's acknowledgment of 21Shares’ Core Ethereum ETF filing for staking approval.
Key Developments
- The SEC recognized the 19b-4 filing for an Ethereum ETF staking proposal by Cboe BZX Exchange on behalf of 21Shares.
- This ETF holds $19.85 million worth of Ether, making it the smallest ETF in the U.S. Ethereum spot market.
- If approved, this would mark the first Ethereum ETF offering staking features in the U.S.
- Staking will allow investors to earn profits through ETH staking options like staking-as-a-service.
Institutional Support
- On February 19, institutional inflows reached $19.02 million, with Fidelity acquiring $24.47 million worth of ETH.
- Fidelity's accumulated net inflow stands at $1.54 billion, holding net assets of $1.27 billion.
- Grayscale sold $5.45 million worth of ETH, liquidating a total of $3.99 billion since launching Ether ETFs.
Ethereum Price Analysis
- ETH is currently priced at $2,736, recovering 0.78% intraday and challenging the 20-day EMA line at $2,784.
- A bullish reversal could target the 50% Fibonacci level at $3,114.
- Support levels are noted at $2,600 and $2,224.
- The potential approval of Ethereum ETF staking raises the possibility of ETH reaching $4,000.
