Ethereum Price Surges as 21Shares Pushes for SEC Approval of Staking ETF

Ethereum Experiences Significant Growth On February 12, Ethereum’s price surged to $2,730, marking a 5.5% intraday increase. This movement stands out from the broader market consolidation and is likely driven by 21Shares’ request to the SEC to include staking in its Core Ethereum ETF. This news strengthens Ethereum’s potential to regain bullish momentum and continue its upward trajectory. Key Factors Driving ETH’s Growth: ✅ Ethereum remains above its support trendline, which has held since June 2022. ✅ Cboe BZX Exchange has officially filed a rule change proposal with the SEC to incorporate Ethereum staking into the 21Shares Core Ethereum ETF. ✅ The daily chart shows resistance levels at $2,800 and $3,000. First Ethereum Staking ETF Proposal Submitted to SEC On February 12, crypto investment firm 21Shares submitted a proposal to modify the structure of its Core Ethereum ETF to allow staking of Ether. According to James Seyffart, an ETF analyst at Bloomberg, the filing seeks an amendment under Cboe BZX Rule 14.11(e)(4). This move could make Ethereum ETFs more attractive to institutional investors, as it would introduce a yield-generating component to the fund.

If the SEC approves the proposal, staking rewards could become a standard feature in future Ethereum ETFs, further boosting Ethereum adoption and increasing demand for ETH. Ethereum Holds Above Key Support Level Over the past two months, Ethereum has declined from $4,100 to $2,736, representing a 33% loss. This drop led to a bearish breakdown below key moving averages (EMA 20, 50, 100, 200) and the horizontal support at $2,800. Following its recent 5% gain, ETH is now testing $2,800 as resistance. If sellers successfully defend this level, Ethereum could drop another 18% and retest its long-term support trendline around $2,300.

However, as long as dynamic support remains intact, Ethereum may extend its current uptrend.

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