Ethereum’s price has experienced a notable rally, recovering from recent losses, following a proposal by 21Shares to introduce staking services on Ethereum ETF products. This development has sparked optimism in the market, with the cryptocurrency now approaching the $3,000 mark after trading as low as $2,551.17 within the past 24 hours. At the time of writing, Ethereum’s price stands at $2,794.86, showing a 4.73% increase.
21Shares Drives Staking Push for Ethereum ETFs
The proposal was submitted by Cboe BZX Exchange to the U.S. Securities and Exchange Commission (SEC) in a 19b-4 filing. The amendment seeks to allow Ethereum staking within the ETF, making 21Shares the first company to propose such a product. According to the filing, the goal is to enhance the income generated from Ethereum holdings within the ETF, though 21Shares clarified that staking would be conducted through independent custodians rather than their affiliates.
In response to concerns about liquidity, the filing also ensures that sufficient assets will remain available to accommodate any redemption requests.
Ethereum Price Rebounds Amid Speculation of a Stronger Rally
The recent price movement has prompted speculation of further gains for Ethereum, especially following the breach of the $3,000 resistance level. Despite previous setbacks in the market, Ethereum’s price momentum has gained strength with this latest proposal. Analysts suggest that Ethereum could eventually target the $10,000 mark, a projection that remains speculative but increasingly plausible based on current market trends.
Ethereum has struggled to break past the $4,000 threshold in previous bull cycles, and recent market corrections had seen the $3,000 level act as a strong barrier. However, the recent proposal has sparked renewed optimism, aligning with earlier bullish analyses that forecast a potential price surge.
Ethereum’s Long-Term Outlook
Though the launch of Ethereum ETFs by prominent asset managers did not significantly drive price increases in the past, the latest push for staking could change the game. Under former President Donald Trump’s administration, regulatory shifts may help facilitate the SEC’s approval of this proposal.
In addition to the staking initiative, Ethereum’s upcoming Pectra upgrade is expected to further boost adoption and support price growth in the long term. With favorable regulatory developments on the horizon, Ethereum’s bullish trajectory may be well-supported in the months to come.
Related topics:
Apple Removes Bybit, KuCoin, and Bitget Apps in Japan at FSA’s Request
Charles Hoskinson Criticizes USAID Over Anti-Bitcoin Propaganda
Alabama Man Pleads Guilty in US SEC X Account Bitcoin ETF Hack
