Ethereum Struggles To Break $2200 Zone As Grayscale’s ETF Application Postponed

Today, Ethereum ($ETH), the world’s second-largest cryptocurrency, experienced a modest gain of 0.7% as it grappled with breaking out from the $2200 zone.

Despite ongoing efforts, ETH continues to face resistance at this critical price level.

In recent developments, Grayscale Investments’ bid to transform its Ethereum trust product (ETHE) into an exchange-traded fund (ETF) was met with a postponement by the U.S. Securities and Exchange Commission (SEC). This decision mirrored the SEC’s response to BlackRock’s ETF application just a day earlier, signaling regulatory caution surrounding Ethereum-related investment vehicles.

The SEC has extended the deadline for a verdict on BlackRock’s proposed spot Ethereum ETF until March 10, providing additional time for evaluation. Bloomberg analyst James Seyffart identifies May 23 as an important upcoming date in this context, suggesting potential implications for Ethereum’s market dynamics.

Notable Ethereum Transfer And Withdrawals To Monitor

Meanwhile, on-chain data from Spotonchain revealed significant activity within the Celsius wallet ecosystem. In a series of transactions, Celsius Network transferred a total of 459,561 $ETH ($1.02B) to various centralized exchanges (CEX), including Coinbase Prime, Paxos, and FalconX. Since November 13, 2023, Celsius has relocated a staggering 757,626 $ETH ($1.69B) across multiple platforms, while retaining 62,469 $ETH ($138M) in its address 0xdb3.

Spotonchain also observed the withdrawal of 296,835 $ETH ($660M) from Coinbase by 12 new wallets shortly after Celsius deposited funds into the exchange. This movement, accounting for approximately 97.2% of the total deposited amount, likely represents an over-the-counter (OTC) transaction.

These developments underscore the dynamic nature of Ethereum’s market landscape, characterized by regulatory scrutiny, institutional participation, and ongoing blockchain activity. As stakeholders await further clarity on ETF approvals and monitor on-chain movements, Ethereum’s trajectory remains subject to a range of factors shaping its future direction.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: fellowneko/ 123RF  // Image Effects by  Colorcinch

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