The price of Ethereum has completely pared off its losses in the past 24 hours after 21Shares filed a proposal to offer staking services on spot ETH ETF products. For a coin that traded as low as $2,551.17 in the past 24 hours, it is now changing hands for $2,794.86, up 4.73% at the time of writing. The 21Shares Push for Ethereum ETF Staking The 19b-4 filing was filed with the US Securities and Exchange Commission (SEC) by Cboe BZX Exchange. Cboe argued to allow changes to the ETH ETP Amendment No 2 that will permit the staking. This filing makes 21Shares the first issuer to make a move for this product. “Based on discussions with the Sponsor, the Exchanges proposes to amend several portions of the Eth ETP Amendment No. 2, as amended, in order to allow the staking of the Ethereum held by the Trust,” Cboe noted in the filing Primarily, 21Shares wants to enhance the income accruable to the Ethereum it holds on behalf of its clients in the ETF. It said it would not stake the Ether with any of its affiliates but those of its custodians’. Despite the plans for the staking, the filing noted that it would keep sufficient liquidity to satisfy any redemptions. The impact of this offering on Ethereum price appears to be priced in by the market at the moment. Ethereum Price Selloff Fades With the current shift in the price of ETH, speculations of further breakout are now making the rounds in the market. Thus far in this bull cycle, Ethereum’s price has not moved above the $4,000 resistance level. With market bears swooping in recently, it even turned the $3,000 mark as a formidable resistance. This 21Shares update has helped break its bearish dormancy, aligning with an earlier ETH price analysis that signals a potential $10,000 play. While it remains unknown whether Ethereum will pare off the 13.06% 30-day loss recorded thus far, current sentiment points in that direction. Generally, the ETH/BTC ratio flipped to its lowest level, a trend that analysts hint might also contribute to its potential rebound moving forward. ETH Price and Coming Tailwinds The launch of Ethereum ETF by top asset managers has not significantly fueled a boost in price. At the time, the US SEC opposed staking on ETF, an offering that could have made more difference for the coin. However, under President Donald Trump, chances are that the improved regulations will see the SEC approve this proposal. While this marks a major tailwind for ETH, the coming Pectra upgrade might also serve as a complement for adoption and price in general. The post Ethereum Price Eyes $3,000 As 21Shares Proposes Staking on ETFs appeared first on CoinGape .
