Nearly a year after approving a spot Ethereum (ETH) exchange-traded fund (ETF), the U.S. Securities and Exchange Commission (SEC) is still considering whether to permit options trading on these products. A recent filing disclosed that the agency is now inviting public comments on a proposed rule change to allow options trading for ETH spot ETFs from Bitwise, iShares, and Grayscale. Options for Bitcoin-linked spot ETFs were approved shortly after these products received SEC approval in January 2024. The Cboe Exchange noted in its filing that “The Ethereum Funds are similar to the Bitcoin Funds, except that those funds hold Bitcoin (another cryptocurrency) rather than Ethereum, which are already eligible for options trading on the Exchange.” Since their introduction in July last year, ETH-linked spot ETFs have attracted nearly $10 billion in inflows. The iShares Ethereum Trust (ETHA) and the Grayscale Ethereum Trust ETF (ETHE) are the two largest funds, managing $3.6 billion and $3.4 billion in assets, respectively.
Ethereum (ETH) has been the worst-performing cryptocurrency among the top five this year, with a current loss of 18%. This decline might be due to competing platforms like Solana, Sui, Cardano, and Tron offering developers viable alternatives for scaling their solutions quickly. Over the past 24 hours, ETH’s price has recovered slightly, marking a 1.4% gain to $2,731 per coin. From a technical standpoint, ETH remains in a downtrend, consistently forming lower highs since its December peak. However, it has also established higher lows, suggesting a consolidation phase as market participants assess its fair valuation based on current conditions and network prospects. ETH has been trading between $2,600 and $2,800, indicating this range as equilibrium. Momentum indicators, however, suggest a potential breakout, with the Relative Strength Index (RSI) crossing above the signal line and the MACD histogram showing steadily rising green bars—both signs of strengthening bullish momentum. A clear break above $2,850 could trigger a rise toward the upper trend line, and a confirmed breakout might push ETH to $3,320, representing a 21.8% increase.
As Ethereum gains traction, securing digital assets is becoming crucial. Best Wallet provides an advanced Web3 storage solution, with its native token, $BEST, offering an early investment opportunity in this innovative project. Best Wallet is a next-generation crypto wallet supporting over 60 blockchains and thousands of digital assets, providing seamless access to the evolving Web3 ecosystem. At the core of this platform is the $BEST token, which unlocks premium features, including the Upcoming Tokens tool—essential for discovering high-potential crypto ICOs before they launch. Since its presale launch in December, Best Wallet has raised $10.2 million to develop its roadmap, which includes launching a decentralized exchange (DEX) to enhance trading efficiency.
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