Hong Kong issuers are reportedly moving towards integrating staking into their ETH ETFs. ProShares has submitted a 19b-4 application for a spot ETH ETF. Ethereum is expected to continue its range-bound movement over the weekend.
Ethereum (ETH) saw a 1% decline on Friday following the news that Hong Kong will allow issuers to include staking features in their spot ETH ETFs. ProShares also filed a 19b-4 application for a spot ETH ETF with the Securities & Exchange Commission (SEC) on Thursday.
The focus is on Ethereum ETFs, with Hong Kong asset managers reportedly working on adding staking features to their spot Ethereum ETFs. This move could make Hong Kong ETH ETFs more appealing to investors globally, especially as the SEC has indicated it will not allow staking when spot ETH ETFs are launched.
ProShares has joined the list of potential spot ETH ETF issuers by submitting a 19b-4 form with the SEC, intending to issue spot Ethereum ETFs on the New York Stock Exchange (NYSE). This comes after the SEC approved 19b-4 filings of eight issuers on May 23, including Van Eck, Bitwise, BlackRock, and others.
SEC Chair Gary Gensler mentioned that the launch of spot ETH ETFs depends on how responsive issuers are to the SEC’s comments on their S-1s.
In terms of technical analysis, Ethereum is currently trading around $3,781 and is expected to remain range-bound. The long/short ratio indicates a slight bias towards a bearish view, with the $3,730 support likely to hold. However, if bearish sentiment increases, the $3,618 support will be crucial to watch. Ethereum may maintain its horizontal movement over the weekend before attempting to break the $3,901 resistance.
A successful move above the resistance could lead Ethereum towards the $4,093 yearly high and eventually a new all-time high. A daily close below the $3,300 level would invalidate the bullish outlook.