Decreased interest in Ethereum ETFs: SEC considers ETH as a security

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Recent reports indicate that the approval of Ethereum ETFs by the US Securities and Exchange Commission (SEC) is becoming unlikely.
The reason is that the SEC, according to a recent ruling, classifies Ethereum as a security rather than a commodity. This classification is significant because ETFs on commodities are usually easier to approve.

One of the key figures behind the decline in interest in Ethereum ETFs is SEC Chairman Gary Gensler. His position has led to several negative consequences for Ethereum, one of the top 5 cryptocurrencies:
1. Decreased market momentum: Ethereum has faced a downward trend in market activity.
2. Fears of traders: Traders fear that the SEC will recognize ETH as a security and refuse to approve the Ethereum ETF.

These factors led to a drop in the ETH price:
– Late April: ETH was trading at around $3,340.
– Rejection at $3,350: The ETH price faced a rejection at this level.
– Mid-May: ETH fell to $2,890.
– Overall drop: During this period, ETH fell by 13.4%.

However, the MACD and RSI technical signals signal a bearish outlook for ETH. Some experts expect ETH to drop even further to $2,600 in the coming months.

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