Ethereum ETF Approval Talks Fuel Over 30% Weekly ETH Gain

• Ethereum nears the $4K mark, driven by an optimistic ETF approval outlook.
• SEC may delay ETF S-1s despite likely 19b-4 approval.
• RSI overbought at 71.01, hinting at a possible ETH price correction.

Ethereum has experienced an alarming price surge, increasing by 30% since Monday, and is now nearing $4K for the first time in 70 days. Analysts attribute this rally to the SEC’s more favorable stance on spot Ether ETFs.

This change in perspective has prompted market analysts to increase the likelihood of these ETFs being approved to 75%, driven by active discussions about speeding up 19b-4 filings. According to Nate Geraci, a notable commentator on cryptocurrency developments, the SEC is facing a decision deadline this week concerning spot Ether ETFs. 

SEC decision deadline this week on spot eth ETFs…
 
SEC must approve both the 19b-4s (exchange rule changes) & S-1s (registration statements) for ETFs to launch.
 
Technically possible for SEC to approve 19b-4s & then slow play S-1s (esp given reported lack of engagement here).

— Nate Geraci (@NateGeraci) May 19, 2024

Geraci’s insights suggest that while the SEC is likely to approve the necessary 19b-4s, wh…

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