Ethereum

Franklin

April

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 <p class="paragraph">The Depository Trust &amp; Clearing Corporation (DTCC) listed Franklin Templeton’s Ethereum (ETH) spot ETF with a “yes” for create and redeem. Franklin Templeton is a traditional <a rel="noopener noreferrer nofollow" title="finance" href="https://thebittimes.com/tag/finance.html">finance</a> <a rel="noopener noreferrer nofollow" title="giant" href="https://thebittimes.com/tag/giant.html">giant</a> with $1 trillion in assets under management and a growing interest in cryptocurrencies.</p>
 <p class="paragraph">As of this writing, the cryptocurrency market still awaits the Securities and Exchange Commission’s (SEC) approval of Ethereum spot ETFs. This is a similar expectation previously seen within the Bitcoin spot ETFs, feeding a bullish sentiment for the cryptocurrency.</p>
 <p class="paragraph">In a hint of what is potentially to come, the renowned crypto journalist Colin Wu reported DTCC’s recent listing. Notably, the “FRANKLIN ETHEREUM TR ETHEREUM ETF” appeared with a “Y” for “Creation/Redeem,” signaling a positive outcome is imminent.</p>
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 <p class="paragraph">According to Wu, this is “a standard practice to prepare for the launch of new ETFs to the market and does not represent the result of the approval process.”</p>
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    <p lang="en" dir="ltr">Franklin Templeton's application for the launch of the Ethereum spot ETF "FRANKLIN ETHEREUM TR ETHEREUM ETF" has been listed on the DTCC website, and the Create/Redeem column shows Y. DTCC emphasized that this is a standard practice to prepare for the launch of new ETFs to the… pic.twitter.com/YurFry4i71</p>— Wu Blockchain (@WuBlockchain) April 27, 2024
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 <h2 class="wp-block-heading" id="h-ethereum-price-analysis-in-the-expectation-of-a-spot-etf-approval">Ethereum price analysis in the expectation of a spot ETF approval</h2>
 <p class="paragraph">Meanwhile, Ethereum displays a neutral performance in the daily chart, keeping a low <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> volatility since April 14. Interestingly, this current consolidation range surged after ETH lost the 50-day exponential moving average (50-EMA).</p>
 <p class="paragraph">This technical indicator now plays a key role, currently marking a $3,258 short-term resistance level that Ethereum must overcome.</p>
 <p class="paragraph">Additionally, a weak-to-neutral Relative Strength Index (RSI) also prevents Ethereum from further aggressive positive movements. Nevertheless, this scenario could change if the crowd’s sentiment shifts to bullish with the DTCC’s listing.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/04/27/34a453003342adb98a69b1aa38fed392.webp" alt class="wp-image-172229" srcset="https://cdn.thebittimes.com/images/2024/04/27/34a453003342adb98a69b1aa38fed392.webp 1024w, https://cdn.thebittimes.com/images/2024/04/27/34a453003342adb98a69b1aa38fed392.webp 300w, https://cdn.thebittimes.com/images/2024/04/27/34a453003342adb98a69b1aa38fed392.webp 768w, https://cdn.thebittimes.com/images/2024/04/27/34a453003342adb98a69b1aa38fed392.webp 1536w, https://cdn.thebittimes.com/images/2024/04/27/34a453003342adb98a69b1aa38fed392.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
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   ETH/USD daily price chart. Source: <em>TradingView</em>/Finbold
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 <p class="paragraph">On the other hand, the same entity released an “important notice” to the <a rel="noopener noreferrer nofollow" title="finance" href="https://thebittimes.com/tag/finance.html">finance</a> market on April 26. As reported by Finbold, its subsidiary, Depository Trust Company (DTC), will no longer recognize collateral value from cryptocurrency-based ETFs and other investment vehicles.</p>
 <p class="paragraph">This decision could drive institutional investors away despite Franklin Templeton’s and BlackRock’s growing interest in the tokenization of real-world assets (RWA), which theoretically benefits Ethereum and the demand for its native token, ETH.</p>
 <p class="paragraph">Year-to-date, Ethereum has traded as low as $2,140 and as high as $4,091, being both considerable levels to watch for as things develop.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/eth-price-prediction-as-dtcc-lists-finance-giant-s-ethereum-spot-etf-tbt86785.html">https://thebittimes.com/eth-price-prediction-as-dtcc-lists-finance-giant-s-ethereum-spot-etf-tbt86785.html</a></p>

ETH price prediction as DTCC lists finance giant’s Ethereum spot ETF

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