- At the time of writing, Ethereum is trading at $2044, up 2.94% in the last 24 hours.
- The ETH price recently found support at $1950 after facing intense selling pressure.
A decision on the Grayscale Ethereum futures ETF proposal has been postponed as the United States SEC delays its judgement. This proposal was first presented to the SEC by Grayscale Investments in September. It outlined a fund in which investors could buy shares based on their forecasts for the value of Ethereum.
The SEC has extended the time it takes to make a decision pertaining to the submission, as it often does with crypto-related products. The regulatory authority said they needed more time to think over the implications of the proposed rule change.
According to the latest analysis by CoinGecko, L1 blockchains are still the most popular choice among TVL investors. In particular, it is projected that the size of the blockchains in this group is 9.6 times that of their L2 counterparts.
Despite a surge in TVL for Layer-2 blockchains this year, this remains the case. As of October 2023, Ethereum’s TVL was valued at roughly $23 billion, making it the market leader.
Bulls Fight Back
At the time of writing, Ethereum is trading at $2044, up 2.94% in the last 24 hours as per data from CoinMarketCap. However, the trading volume is down 9.57%. The ETH price managed to break above $2000 after falling below the level briefly.
The ETH price recently found support at $1950 after facing intense selling pressure. If the price manages to go above $2078 level, then it will likely test $2135 resistance level. However, if the price goes below the $1950 mark then it will likely decline further to test $1859 support level.
