• Attention is focused on May 23rd, a crucial date for spot Ethereum ETFs, as it marks the final deadline set by VanEck.
• The Ethereum Dencun Upgrade, set to launch on the Holesky Ethereum testnet soon, represents a significant advancement for the Ethereum ecosystem.

On Tuesday, February 6, the U.S. Securities and Exchange Commission (SEC) further delayed the decision for the approval of Invesco and Galaxy Digital’s spot Ethereum ETF. Some top market analysts like James Seyffart stated that the move is expected and that we can expect further delays in the upcoming months.

This was further explained in a video shared by the CryptoNewsFlash YouTube channel.

The analyst also pointed out that the pivotal date for Ethereum spot ETFs currently is May 23rd, which serves as the final deadline set by VanEck, another ETF issuer awaiting SEC approval. This date has garnered significant attention as investors eagerly await regulatory decisions regarding Ethereum ETFs in the United States.

Significantly, the SEC has the discretion to implement delays under Section 19(b)(2) of the Securities Exchange Act. This provision grants the Commission the authority to extend the 45-day public comment period for up to 90 days if deemed appropriate.

Previously, the SEC had postponed decisions on spot Ethereum ETF applications from other filers. Just two weeks ago, the SEC deferred a ruling on a spot Ethereum ETF proposed by Fidelity Investments. This ETF involves the listing and trading of shares of the Fidelity Ethereum Fund under BZX Rule 14.11(e)(4).

The U.S. SEC also delayed its decision on BlackRock’s spot Ethereum ETF until March 10, 2024. It’s important to note that both Fidelity and BlackRock’s spot Ethereum ETF applications remain subject to potential further delays. In other markets, a $200 billion Chinese asset manager is also planning to bring spot Ethereum ETFs into the Hong Kong market.

The Ethereum Dencun Upgrade

A significant advancement for the Ethereum ecosystem is underway as the Dencun integration prepares to launch on the Holesky Ethereum testnet within the next few hours.

This marks the final testnet fork before the highly anticipated mainnet deployment, with expectations high for an official mainnet launch date announcement during tomorrow’s AllCoreDevs call. Industry insiders suggest the mainnet rollout may take place in the early to mid-March timeframe.

A key feature of this upgrade is the implementation of EIP-4844, aimed at significantly reducing costs for Layer 2 (L2) rollups by introducing blob-carrying transactions. Blobs, or binary large objects, enable efficient management of large data packets off-chain, enhancing network data throughput and reducing storage requirements.

The Ethereum Dencun Upgrade underscores Ethereum’s commitment to continuous advancement and innovation. With a focus on scalability through proto-danksharding, improved security measures, and enhanced network efficiency, Dencun is set to significantly bolster Ethereum’s position as a leading blockchain platform.

ETH Price Rally Expected

In a recent analysis, well-known crypto analyst Michael van de Poppe emphasized the forthcoming uptrend for Ethereum (ETH), especially as the Dencun upgrade approaches. Van de Poppe forecasts an imminent surge in Ethereum’s price, setting a target of $3,500.

Displaying confidence in Ethereum’s potential, van de Poppe highlighted the market’s current undervaluation of ETH’s significance. He also revealed a strong preference for the Ethereum ecosystem, envisioning it as a significant driving force in the coming months.