Ether Soars as ETF Participation Registers on Cboe and 21Shares

• Ethereum ETFs may include staking.
• ETH eyes $3.000 price after wedge breakout.
• Indicators and market movements support growth.

The cryptocurrency market witnessed a notable upward movement for Ethereum (ETH) on Wednesday, with a significant increase of almost 6% in just 30 minutes, taking the price to $2.780. This jump came immediately after news that Cboe and 21Shares submitted an application to the United States Securities and Exchange Commission (SEC) to allow staking of ether held by the 21Shares Core Ethereum ETF.

Bloomberg ETF analyst James Seyffart said of the filing: “Assuming this is recognized by the SEC (I would probably make that assumption now, but you never know),” a decision from the SEC is expected by the end of October. The filing represents a significant step forward, given that the SEC previously classified staking tokens as securities. However, Cboe and 21Shares are optimistic that the new SEC administration, under Trump-era leadership, will take a more favorable approach.

While Ethereum ETFs already allow for holding ETH, they traditionally do not offer the option of staking, a shortcoming that deprives ETF holders of potential returns. The possibility of staking could therefore represent a significant added value for investors.

Ethereum recently broke the $3.000 support. Such a break is usually seen as a sign of a trend reversal, with the price of ETH now hovering around $2.730. But according to market analyst MerlijnTrader, the Ethereum price chart is exhibiting a pattern that resembles a parabolic trajectory, similar to the one seen during the February peak last year. Based on historical trends, ETH is likely to experience a sharp increase in its value in the coming weeks.

Ethereum is following the script.

Last February, $ ETH went parabolic.

The same setup is here again… will history repeat? pic.twitter.com/GXUPuUzWD3

— Merlijn The Trader (@MerlijnTrader) February 10, 2025

In the backdrop of massive ETH accumulation, Santiment reported that a staggering 224.410 Ether was withdrawn from exchanges in a single day on February 8 and 9, marking the highest volume in 23 months. This movement is a strong indication of traders’ confidence in ETH, suggesting a preference for holding the asset for the long term rather than trading it on exchange platforms.