Ethereum Watch

• Blackrock gets delayed spot ETH ETF decision.
• ETH hits six consecutive days of downtrends.

Following the approval of Bitcoin [BTC] spot ETFs, the focus has shifted to Ethereum [ETH] spot ETF proposals submitted to the SEC. The prominent institutions that spearheaded spot BTC ETFs are now leading the way for spot ETH ETFs, with one having received a recent response from the SEC.

Blackrock’s Ethereum spot ETF approval extended

BlackRock was one of the major institutions that recently secured approval for its spot Bitcoin ETF. The company is actively pursuing approval for a spot Ethereum ETF, as evidenced by its submitted documentation to the SEC.

Some weeks ago, the CEO of BlackRock spoke positively about the value of a spot ETH ETF in an interview. 

Unfortunately, the SEC has deferred the realization of a spot ETH ETF.

A document released by the SEC on the 24th of January showed that the regulatory body has opted for a decision extension. According to the document, the decision was delayed by an additional 45 days.

Major Ethereum spot ETF decisions not to come till May

The SEC’s extension of the decision for BlackRock’s application is not an isolated case; Fidelity recently received a similar response.

The SEC, mirroring its action with BlackRock, has extended its decision on Fidelity’s proposal for a spot Ethereum ETF. This trend suggests that other applications may encounter a similar response from the SEC.

According to James Seyffart, an analyst at Bloomberg, the delays are expected to be “sporadic” in the upcoming months. Additionally, he anticipates that major decisions may unfold in May.

ETH decline persists 

Despite recent developments in ETFs, Ethereum’s performance over the past few days has appeared unaffected. As of this writing, ETH has sustained a six-day consecutive downtrend.

Although, the decline has been slight in the last two days, around 0.01% as of the latest data.

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However, it has pushed the trend below its short-moving average (yellow line) for the first time in about four months. This suggests a weakening trend in the price, an observation also shown by its Relative Strength Index (RSI).

At the time of writing, the RSI was around 40, indicating a strong bearish trend.

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