ETHETFsApproved

According to Odaily, Sui Chung, the CEO of CF Benchmarks, has stated in an interview that all regulatory precedents indicate that ETH tokens should be classified as a 'commodity'. This statement comes amidst ongoing discussions about the nature and classification of various cryptocurrencies. Chung's assertion adds to the growing consensus among industry leaders about the status of ETH tokens. His comments are based on existing regulatory precedents, suggesting that the classification of ETH tokens as commodities is not a new concept, but rather a widely accepted view within the industry. However, it is important to note that the classification of cryptocurrencies can vary depending on the jurisdiction and the specific regulatory body involved. Therefore, while Chung's comments provide insight into one perspective, they do not necessarily represent a universally accepted viewpoint. This news highlights the ongoing debate about the nature of cryptocurrencies and their place within the global financial system. As the industry continues to evolve, the classification and regulation of cryptocurrencies like ETH will likely remain a topic of discussion.

The SEC has acknowledged BlackRock's filing to amend its Ethereum ETF to allow in-kind redemptions, opening a window for public comments.
The USSEC has recognized BlackRock's Ethereum ETF filing for a one-of-a-kind creation and redemption process.
For now, the securities regulator has opened the floodgates for public comment on BlackRock’s amendments.


US SEC Accepts BlackRock's Ethereum ETF Amendment Filing
The US SEC has confirmed BlackRock’s filing to amend certain parts of its Ethereum ETF.
According to a public release, the SEC recognized BlackRock's filing to authorize in-kind creations and redemptions for its iShares Ethereum Trust.

On May 10, BlackRock filed the amendment just hours after meeting with the commission’s crypto task force.
The SEC has 240 days from the original filing date to approve or reject the amendment proposal for the Ethereum ETF.
According to the statement, the SEC is seeking comments on the proposed amendment before issuing a ruling on the matter.
According to the original filing, BlackRock's Ethereum ETF will allow authorized participants to exchange $ETH for ETF shares to create and redeem shares.
Right off the bat, the extraordinary creation and redemption process will allow participants to avoid capital gains tax hassles.
If amended, participants would not be required to sell ETH for cash during the creation and redemption process, avoiding the need for capital gains taxes.
Additionally, multiple redemptions will improve liquidity and lower transaction costs for participants.
BlackRock Files to Add Anchorage Digital as Custodian
A closer look at BlackRock’s filing reveals plans to add Anchorage Digital as an additional ether custodian.
Anchorage will join Coinbase in offering security services for digital ETFs if approved by the SEC.
There is also an additional filing amendment to change the trust’s name to iShares Ethereum Trust ETF. The filing comes as BlackRock's Ethereum ETF notched its single-largest daily inflow of $45 million.
Amid the surge in ETF inflows, Ethereum’s price is trading up about 2% at $2,509. Ethereum supply hits record low on exchanges, $3 boosts hopes for ETH rally
#ETHETFsApproved #ETH #CryptoNewss #MarketSentimentToday #Market_Update

Ethereum holds above $2,400 with a potential breakout at $2,700, aiming for a 50% rally toward the $4,000 mark. 
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As Bitcoin rises 1% to record a new all-time high, Ethereum outperforms with a 3% surge and is currently trading at $2,632. The leading altcoin is forming a rounding bottom pattern, hinting at a potential breakout and a 50% rally ahead.
Ethereum Price Analysis
On the daily chart, Ethereum has maintaineda sideways trend between $2,400 and $2,700 over the past week. However, the short-term consolidation remains above the 200-day EMA at $2,443, indicating underlying strength.

In the broader picture, Ethereum appears to be completing a rounding bottom pattern, with the neckline aligned with the 50% Fibonacci retracement level near $2,700. A breakout above this neckline could trigger a 50% rally.
This potential rally is calculated by adding the depth of the pattern to the breakout point. Based on Fibonacci analysis, the upside target aligns with the 100% Fibonacci level near $4,000.
Supporting this bullish scenario, the RSI has spiked into the overbought zone, reflecting growing bullish momentum. Additionally, the 50- and 100-day EMAs are approaching a bullish crossover, reinforcing the upward outlook.
On the downside, a breakdown below the 200-day EMA would invalidate the bullish setup and could push Ethereum down to the 50-day EMA near $2,154.
Rising Optimism Boosts Ethereum Derivatives
As Ethereum approaches a potential breakout, the derivatives market reflects rising bullish sentiment. Open interest has surged nearly 20%, reaching $32.44 billion, indicating growing trader participation.

This bullish sentiment is further confirmed by a positive funding rate of 0.0041% and $32 million in short liquidations over the past 12 hours, compared to just $10 million in long liquidations. According to CoinGlass data, this reflects a bullish narrative that could fuel a leverage-driven rally.
Analyst Targets $3,000 With Bullish Pattern Breakout
Crypto analyst Ali Martinez shares an optimistic post on the Ethereum price rally, targeting a potential surge towards $3,000. The analyst highlights a breakout of an inverted head-and-shoulders pattern in the hourly time frame. 

Martinez expects a move above the 1.78 Fibonacci level, with the $3,000 mark as a likely target. However, Ethereum must maintain support above the $2,585 neckline to confirm and sustain this bullish breakout.
DisClamier:
This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect @Lachakari_Crypto opinion. Readers are encouraged to do thorough research before making any investment decisions. @Lachakari_Crypto is not responsible for any financial losses.
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