Ethereum Weakens as SEC Delays Grayscale's ETF Approval

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U.S Securities and Exchange Commission has postponed Grayccale’s Ethereum ETFs while the coin approaches a critical support.

On April 14th, the U.S. Securities and Exchange Commission(SEC) released a notice citing the postponement of Grayscale’s Ethereum ETFs approval to the 1st of June. Following this notice, ETH has been facing significant bearish pressure as investors watch closely. Ethereum is trading at $1586 as of press time, per CoinMarketCap data.

According to technical analysis by Ali Martinez on X (formerly Twitter) Ethereum is breaking below its ascending triangle on the hourly chart.

With heavy pockets sitting below this level, liquidations could trigger more downside as bearish momentum persists. One should watch out for whale activity, trading volume and momentum at the $1550 level for further insights.

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Denis Mwirigi

Denis is an experienced blockchain enthusiast and researcher. He is passionate about the opportunities and possibilities afforded by the advancement of this new technology. With a background in engineering, he blends technical expertise with a deep interest in foreign exchange, financial journalism, and technological trends.

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