Ether slips after SEC opens the door to ether ETFs, still heads for best week in more than a year

Ether experienced a decline in its value despite the approval of a rule change by the Securities and Exchange Commission, which allows the creation of exchange-traded funds (ETFs) that hold the cryptocurrency. The price of ether dropped 2% to approximately $3,700.00. Although it is still holding onto a weekly gain of 20%, making it the best week for ether in over a year, investors are pausing and considering the impact of external economic factors, as well as the uncertain timeline for regulatory approvals. Earlier in the week, ether surged by more than 20% due to the sudden expectation of SEC approval for ether ETFs. However, uncertainty remains regarding the timing of the release of these new products and which entities will participate. The approval has led to further market uncertainty, and investors are interested in the outcome of the commodities versus securities debate. Cryptocurrency trading platforms like Coinbase and Robinhood may benefit from the introduction of ether ETFs.