The U.S. Securities and Exchange Commission has filed Fidelity's spot Ethereum ETF application.
However, according to analyst James Seyffart, ETF approval odds remain low despite the recent filing. "Nothing in the filings signal to me that anything has changed," the analyst said on the X social media network.
The analyst has added that silence from the SEC is not a good thing, which implies that ETF approval remains unlikely for now.
As reported by U.Today, Ethereum approval odds remain at a mere 25%, according to leading analyst Eric Balchunas.
Last month, multiple legal analysts opined that

gone again 🤬

Bitcoin may look pretty bullish, but do not get distracted. The price is forming a bearish distribution pattern inside a bearish parallel channel, as you can see on the chart. Right now, the odds are in favor of another crash. I am not saying this only because of the price action, but also because of the Elliott wave theory: as per my wave count, I am expecting bitcoin to finish wave (C) with a 1:1 Fibonacci extension level. Also look at previous waves, and waves
(B) at this point look like an ABC bearish pattern.
Why is 58K important? We have a major swing low from March 5, 2024, and clearly

Bitcoin flash crash
On Tuesday, the price of Bitcoin experienced a notable decline, reportedly influenced by automated trading protocols in Asia reacting to Bitcoin ETF data. According to a Bloomberg report, these bots utilize scraped ETF data to place orders, potentially exerting a significant impact on the market. Source: CoinMarketCap
This theory is bolstered by Bitcoin's robust performance earlier in March during periods of strong inflows. However, analyst Eric Balchunas has downplayed the significance of Bitcoin ETFs on the cryptocurrency's price, suggesting that larger market forces are