The U.S. Securities and Exchange Commission has provided feedback on the S-1 filings and has called for them to be resubmitted by July 8.
This could postpone the debut of the spot Ether exchange-traded fund.
In the latest communications, The U.S. Securities and Exchange Commission has returned back the S-1 documents to the entities proposing Ethereum ETFs, indicating a continuation of the review process prior to being effective.
Earlier, the Ethereum ETF was anticipated to be launched by 2nd June. However, the recent remarks made by the SEC could further delay the process. As of Now, the applicants are required to revise their submissions in response to the SEC’s comments and resubmit by July 8.
The recent development hints at a probable extension of the approval timeline, necessitating at least an additional round of filing before the ETFs can be listed officially and commence trading.
Prospects of Additional Delays Loom Over Decisions
However, SEC has set a deadline for the resubmission of the applications for the Ethereum ETFs, yet few analysts believe the delay in the commencement of Ethereum ETFs could last longer.
<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Fwiw, Bloomberg's <a href=” saying week of July 8th looks more likely for spot eth ETF approval…<br><br>Another source said "it’s also a possibility that it could be later in July or later in the summer."<br><br>My take? It shouldn't take this long.<br><br>via <a href=” <a href=” Nate Geraci (@NateGeraci) <a href=” 28, 2024</a></blockquote> <script async src=” charset=”utf-8″></script>
Nate Geraci, who is the president of the ETF Store, mentioned in his tweet mentioning that July 8th might be the most likely for spot ETF approval. However, he further added that it could be later in July or later this summer pointing towards the further delay that might be on the horizon.
What’s Ahead For Ethereum?
Despite the news surrounding the Ethereum ETFs, the price of Ethereum did not witness any hiccups. As of now, Ethereum was exchanging hands close to $3385 recording mild intraday gains of 0.33%.
The daily chart reveals that Ethereum price has been trying to stabilize near the 50 day Exponential moving average. Despite weakness in the short term, the long term trend outlook still points towards a positive side.
Currently, the ETH price was experiencing a correction phase following a declining channel pattern. Now, until the price is maintained in the channel, it may continue to show weakness.
However, a breakout above the recent resistance of $3487 could mark the end of a correction and the ETH price may roar towards the $3800 and $4000 level again.
