Ethereum (ETH), the second most capitalized cryptocurrency, has failed to break the psychological $4,000 level despite the upcoming Dencun upgrade, which is expected on March 13, 2024.
The Ethereum Dencun upgrade, originally scheduled for October 2023, aims to improve the scalability, efficiency, and security of the network through the Ethereum Improvement Proposals (EIP).
At the same time, Fox journalist Eleanor Terrett stated on her X (Twitter) page that the chances of spot Ethereum ETFs being approved by May 23 are now diminishing.
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Terrett points out that recent meetings between issuers, custodians, and US Securities and Exchange Commission (SEC) officials have been mostly one-sided.
"Issuers and custodians have advocated for progress but have received minimal involvement from SEC staff, in contrast to the spot Bitcoin ETF application process," Eleanor Terrett wrote.
The journalist noted that SEC Chairman Gary Gensler believes he has already made concessions to the industry by approving spot Bitcoin ETFs, drawing criticism from some influential anti-cryptocurrency figures, including Senator Warren.
According to Coincu, Invesco, Galaxy Digital, Fidelity, Franklin Templeton, and BlackRock have joined Grayscale and Coinbase in the fight for SEC approval of spot Ethereum ETFs.
Coinbase, meanwhile, believes that Ethereum's capabilities can reduce fraud and manipulation and ensure ETF approval.
At the time of writing, ETH is trading at $3,852, down 2.01% in the last 24 hours.
Most analysts say that Ethereum's price will reach $5,000 due to fundamental factors such as protocol updates, increased adoption, and broader market trends.
Read also: Bitcoin becomes attractive safe haven asset amid rising US government debt