SEC Freezes Grayscale’s ETH Staking Plans – What This Means for Ethereum Price?

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The United States Securities and Exchange Commission (SEC) has delayed its decision on Grayscale’s proposal to allow staking of ETH within its spot Ethereum ETF and Ethereum Mini Trust ETF.

The decision has now been pushed to June 1, leaving markets in limbo.

Grayscale’s proposal seeks to allow its ETFs to participate in Ethereum’s proof-of-stake validation system, a move that could democratize ETH staking for traditional investors while keeping strict custody and compliance rules in place.

Meanwhile, two major Ethereum whales seem to have lost some faith in the short-term price outlook. One address sent 8,922 ETH (~$14.82 million) to Kraken, potentially to sell.

Another whale address liquidated 8,001 ETH (~$13.06 million) at $1,632 per coin, suggesting caution at current levels.

Moreover, adding fuel to the uncertainty, Ethereum’s stablecoin supply has shrunk by over $1 billion in the past week, signaling liquidity outflows and lower DeFi activity on the network.

Ethereum Price Analysis – Where Is ETH Heading Now?

The Ethereum 1-month chart reveals a long-term bullish pennant pattern stretching from early 2021 to the present.

This formation typically signals a continuation of the prevailing uptrend, which in Ethereum’s case, dates back to the 2020–2021 bull run.

• Support Line: The rising trendline from the March 2020 COVID low continues to hold, now intersecting around the $1,350–$1,400 region.
• Resistance Line: The descending trendline from the November 2021 all-time high (~$4,800) compresses the price toward the apex of the pennant.

Ethereum recently tagged the support line again and bounced, printing a monthly candle near $1,638, showing signs of buyers defending the zone.

A breakout to the upside, if it occurs with strong volume, could imply a measured move of approximately the height of the flagpole – potentially targeting the $4,000–$4,500 range.

However, the MACD is still in bearish territory, showing red histogram bars and a declining signal line while the RSI is at 41.61, below the neutral 50 mark.

While not oversold, it shows limited strength, suggesting ETH needs a strong catalyst to reclaim bullish momentum.

Ethereum Uncertainty Fuels $4.6M Surge into This Bullish New Meme Coin

While many investors remain hesitant about Ethereum, BTC Bull ($BTCBULL) is charging forward as the ultimate meme coin for hardcore Bitcoin believers who know $150K is just the beginning – this bull has its eyes on $250K and beyond.

BTC Bull already has thousands following its journey on X and has raised a whopping $4.68 million in its red-hot presale, gathering serious momentum

What makes it stand out? For every $25K move in Bitcoin’s price, BTC Bull triggers either a token burn or a BTC airdrop – fueling scarcity and rewards.

Plus, early buyers can now stake their tokens directly from supported wallets like Best Wallet and earn high APY returns.

Currently priced at just $0.002465, BTCBULL will increase in price in under three days.

Investors looking to catch this bull run early can visit the official BTC Bull website and connect their wallet to buy in before the next surge.

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