Key Highlights:
- ICBC, the world’s largest bank, has praised Ethereum as the “digital oil” of the future, highlighting its role in supporting Web3 innovations.
- The SEC has delayed feedback on ETH ETF issuers’ S-1 filings, causing uncertainty in the market as Ethereum’s price drops over 6%.
- Despite the current sell-off, Ethereum’s future looks promising with potential bullish events, including the anticipated approval of spot ETH ETFs.
ICBC Bank on Ethereum’s Growth
The Industrial & Commercial Bank of China (ICBC), the world’s largest bank, has commended Ethereum. ICBC Bank called Ethereum the “digital oil” of the future. Thus this recognition underscores Ethereum’s vital role in the digital landscape. ICBC’s endorsement highlights Ethereum’s potential to provide a strong platform for Web3 innovations.
SEC Remains Silent on ETH ETFs
Moreover, the Securities & Exchange Commission (SEC) has yet to respond to Ethereum ETF issuers. This delay has lasted over a week since their S-1 filings on May 31. Issuers expected feedback by June 7 but are still waiting. They now hope for the SEC’s comments this week. The approval process is crucial as it determines the launch of spot ETH ETFs, which could significantly impact the market.
Ethereum fell more than 6% on Tuesday, aligning with a general downward trend in the crypto market. Ethereum’s price currently sits around $3,490. The market’s cautious stance ahead of the Consumer Price Index report and the Federal Open Market Committee’s decision on June 12 has influenced this trend. This environment has led to accelerated liquidations and a drop in market confidence.
Long Liquidations and Market Sentiment
The recent decline in Ethereum has triggered significant liquidations. Long liquidations totaled $48.39 million out of $52.58 million in the past 24 hours. Open interest (OI) for ETH dropped by about $680 million from Friday to Tuesday. This decline signals a bearish market sentiment, as evidenced by reduced options volume and the breaching of key support levels.
Despite the current sell-off, bullish events loom on the horizon for Ethereum. The pending approval of spot ETH ETFs could mark a turning point. Ethereum has breached the $3,618 support level and may fall below $3,457. However, this could be a temporary setback. A drop below $3,300 would further affirm the bearish trend, but it might also offer a good accumulation opportunity for investors anticipating a rebound.
Image By: Pakistan Observer
ICBC Bank on Ethereum’s Future.
In a recent report, ICBC likened Bitcoin to gold due to its scarcity. The bank called Ethereum “digital oil,” highlighting its role in supporting Web3 innovations. Moreover, the report praised Ethereum’s advancements in security, scalability, and sustainability. According to ICBC Bank, Ethereum provides the technical power needed for the digital future, reinforcing its significance in the evolving tech landscape.
The SEC approved spot ETH ETF 19b-4 filings on May 23. Before trading can begin, the SEC must approve the issuers’ S-1 registration statements. SEC Chair Gary Gensler stated that the timing depends on how quickly issuers respond to comments. Issuers plan to market the ETFs as a “producing tech stock” or the “ultimate app store.” Consequently, The SEC’s approval will play a critical role in shaping Ethereum’s market performance in the near future.
ICBC Bank on Spot ETH ETF
Ethereum’s recent price drop may be temporary, with the potential for future gains. ICBC Bank endorses and anticipates spot ETH ETFs to highlight Ethereum’s growing significance. Therefore investors should watch for the SEC’s next move, which could impact Ethereum’s market trajectory plus the combination of technical advancements and regulatory developments positions Ethereum as a crucial player in the digital economy.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is the opinion of the author and does not reflect any view or suggestion or any kind of advice from CryptoNewsBytes.com. The author declares he does not hold any of the above-mentioned tokens or receive any incentive from any company.
