SEC Approval Paves Way for Institutional Interest in Ethereum with Leveraged ETFs

The US Securities and Exchange Commission (SEC) has approved a rule change allowing six 3x leveraged Ethereum ETFs, including one by Volatility Shares Trust, to be listed and traded. This regulatory milestone is expected to increase institutional interest in Ethereum.

Ethereum's price remains above its key moving averages, indicating ongoing upward momentum. The current price of ETH is $2,699.64, posting a modest gain for the session.

ETH trades in a bullish trend, with short-term indicators warning of overbought conditions. The Ichimoku Kijun at $2,686 now acts as the nearest support, while a resistance band forms near the recent session high.

The ETH price is expected to consolidate within a typical volatility band between $2,661 and $2,738 in the near term. A bullish breakout would require a sustained move above $2,738, while renewed selling pressure could send ETH below the $2,661 support.