SEC To Review Grayscale's Spot Ether ETF: Will Ethereum Prices Breakout Above $2,000?

The U.S. Securities and Exchange Commission (SEC) will review Grayscale’s Bitcoin Trust ETF filing once more.

Meanwhile, BlackRock’s iShares Bitcoin Trust was recently listed on Nasdaq-traded ETFs maintained by DTCC. The two instances have pushed Bitcoin BTC/USD and the broader crypto asset board significantly higher.   

The BTC Fear and Greed Index, a metric that measures the overall sentiment towards Bitcoin, reportedly stands at 66 indicating its presence in the so-called "Greed" territory.

With Bitcoin breaching all-time high levels, what is in store to see until Benzinga’s Benzinga's Future of Digital Assets conference in New York on Nov.14. Attend and learn more about what industry experts believe to be the threshold for cryptocurrency prices. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

Across the board, cryptocurrencies Cardano (10%), Ripple XRP (9.2%), Polygon (8.9%), and Solano (8.3%) were leading the pack with significant gains in the past 24 hours while Dogecoin (7%), BNB Coin (5.3%), followed the list.

Ether In Focus: Ethereum ETH/USD witnessed a surge of 117.02% in its past 24-hour trading volume while the market cap swelled 9.7%, based on CoinMarketCap data. Prices have seen a jump of 9.6% in their single-day trade. The layer-2 network’s co-founder Vitalik Buterin’s crypto portfolio has increased by $57 million over the past week, based on blockchain analytics platform Arkham Intelligence, reported by CoinMarketCap. Vitalik holds almost 247,000 ETH spread across various publicly known wallet addresses.

Also Read Ethereum Tops $1,800 Following US PMI Data; Mina Emerges As Top Gainer

The SEC has also acknowledged Grayscale's spot ether ETF filing which will convert Ethereum Trust (ETHE) into a spot Ethereum ETF.

SEC has acknowledged Grayscale's spot ether ETF filing...

This would be conversion of $ETHE into ETF. pic.twitter.com/JMmutgbakZ

— Nate Geraci (@NateGeraci) October 23, 2023

The SEC filing indicates that Grayscale Investments believes that allowing Shares of the Trust to list and trade on the Exchange as an ETP (converting the Trust to a spot Ethereum ETP) would unlock over $1.6 billion of value.

CoinGape reports that as per the technical chart, Ethereum's price has given a breakout above the $1,745 level after making a double bottom formation. Other technical indicators indicate a rally continuation going forward. If traders maintain their open buy orders it may lead to a potential 12.25% breakout to reach $1,958. If prices cross the $2,000 mark, the cryptocurrency will see a significant turning point.

Find out what the experts have to say on Ethereum price trends. Meet and engage with other transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!  

U.Today reported that a pre-mine Ethereum wallet woke up after 8.2 years of dormancy. It reports 2,000 Ether coins in its address which are currently valued at $3.2 million. A Whale Alert tweet reported that the address moved all its 2,000 ETH to four different blockchain addresses.  

Read Next: Ethereum's 'Billionaire Tier' Accounts For Over 32% Of Its Total Available Supply

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