ETH reaches $3,700, SEC delays approval of the proposed Ethereum ETF by BlackRock

ETH is still 30.9% away from its all-time high of $4,867 on November 10, 2021.

ETH Reaches $3,746

CoinMarketCap data shows that ETH reached $3,746 at noon on the 5th, with a price increase of about 10.29% since March.

However, compared to Bitcoin, which is close to its previous high of $69,000, ETH is still 30.9% away from its historical high of $4,867 on November 10, 2021.

ETH/BTC Market Outlook Difficult to Reverse

With the approval of a Bitcoin ETF, many industry experts predicted that the market focus would shift from BTC to ETH, and that ETH/BTC could reverse its long-term downtrend since September 2022.

However, although ETH/BTC did rise by about 26% after the ETF approval, Bitcoin's momentum remained strong, leading to a 13% decline in ETH/BTC.

SEC Delays BlackRock Ethereum ETF Again

In other Ethereum-related news, according to official documents, the SEC has once again delayed the BlackRock Ethereum ETF after the January 24th delay.

The SEC stated that the decision to extend the deadline was appropriate to give the SEC enough time to consider the proposed rule changes and address the issues raised.

Bloomberg ETF analyst James Seyffart expects sporadic delays in the Ethereum spot ETF, with the next significant date being May 23.

Is the Ethereum ETF Overhyped?

Another analyst, Eric Balchunas, recently stated that he believes the scale of ETH compared to Bitcoin ETFs is too small, likening it to a small rock band trying to perform after a popular band.

Evidently, Eric Balchunas does not believe that the Ethereum ETF will bring about a similar price surge as the Bitcoin ETF.

SEC Delays Grayscale Ethereum Spot ETF Again, Questioning Whether Proof of Stake is Manipulated by a Few Entities?

Yeah @JSeyff and I will have formal odds out soon but tbh and no offense to the eth ppl but this is such small potatoes vs spot bitcoin ETFs. It's like the opening act coming on after the headliner. Using GenX bands it's like Sister Hazel trying to follow Nirvana.

— Eric Balchunas (@EricBalchunas) March 2, 2024