Ethereum price fell below $3,000 over the weekend as sentiment surrounding the super altcoin became uncertain. However, large buyers or sellers are usually the focus of attention as they have a large impact on price movements. On May 10th, Ark Invest and 21Shares revised their Ethereum ETF proposal to include staking ambitions.
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A clause was added to the company's pre-application on Feb. 7 stating that sponsor 21 Shares plans to invest a portion of the fund's assets through a third-party provider.
The 21 shares were intended to count the profits as income from the fund and were intended to receive ETH as payment for staking. The document recognized the potential risks associated with staking, including reduced penalties and losses due to inability to access cash.
The relevant part has been deleted in the latest file. We continue to make more general statements about the potential loss to other validators from staking and how that affects prices. ETH's.
The SEC is expected to approve or deny some spot Ethereum applications within the next two weeks. Regulators will decide on VanEck's Spot Ethereum application on May 23rd, followed by a decision on May 24th on behalf of Ark and 21Shares. However, the government is supposed to make decisions on all comparable competing applications in the same cycle.
However, Ethereum statistics revealed a positive assessment, indicating bullish confidence in the direction of the price trend. If this indicator stays in the same position for the next few days, ETH could rise towards the $3,200 mark.
If the current situation is not maintained or improved, the altcoin price could fall below $2,800. Investor perception of ETH has changed due to the coin’s lackluster price performance.
Ethereum could aim for up to $3,500. This time, in addition to these statistics, we also looked into dormancy circulation. According to Santimento's on-chain data, the amount of dormant coins in circulation for 90 days had decreased to 9,246 coins. Coins that have not been moved for a long time are likely to switch wallets if the index rises. This sometimes indicates that veterans are on sale.