Ethereum ETFs ‘will take some time’ before they launch, according to SEC Chair. ETH's open interest on exchanges surged 50% to a new all-time high after SEC’s U-turn towards ETH ETFs. New accumulating addresses holding 10-10K and 10K-100K ETH have grown steadily after ETH ETF 19b-4 approvals. Ethereum price hovered around $3,860 on Wednesday following Securities & Exchange Commission Chair Gary Gensler expressinghis opinion that the launch of spot ETH ETFs may be delayed.
Read more:Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin’s momentum poise to propel crypto market Despite the horizontal trend, whales are still accumulating ETH, and both long-term and short-term holders will likely hold onto their tokens. ETH may continue its horizontal trend until the official launch of spot ETH ETFs. The $3,618 price level remains key support in case of short-term price swings.