ETH price prediction as DTCC lists finance giants Ethereum spot ETF

　　The Depository Trust & Clearing Corporation (DTCC) listed Franklin Templetons Ethereum (ETH) spot ETF with a “yes” for create and redeem. Franklin Templeton is a traditional finance giant with $1 trillion in assets under management and a growing interest in cryptocurrencies.

　　As of this writing, the cryptocurrency market still awaits the Securities and Exchange Commissions (SEC) approval of Ethereum spot ETFs. This is a similar expectation previously seen within the Bitcoin spot ETFs, feeding a bullish sentiment for the cryptocurrency.

　　In a hint of what is potentially to come, the renowned crypto journalist Colin Wu iniulat DTCCs recent listing. Notably, the “FRANKLIN ETHEREUM TR ETHEREUM ETF” appeared with a “Y” for “Creation/Redeem,” signaling a positive outcome is imminent.

　　According to Wu, this is “a standard practice to prepare for the launch of new ETFs to the market and does not represent the result of the approval process.”

　　Franklin Templetons application for the launch of the Ethereum spot ETF “FRANKLIN ETHEREUM TR ETHEREUM ETF” has been listed on the DTCC website, and the Create/Redeem column shows Y. DTCC emphasized that this is a standard practice to prepare for the launch of new ETFs to the…

　　- Wu Blockchain (@WuBlockchain) Abril 27, 2024

　　Ethereum price analysis in the expectation of a spot ETF approval

　　Meanwhile, Ethereum displays a neutral performance in the daily chart, keeping a low price volatility since April 14. Interestingly, this current consolidation range surged after ETH lost the 50-day exponential moving average (50-EMA).

　　This technical indicator now plays a key role, currently marking a $3,258 short-term resistance level that Ethereum must overcome.

　　Additionally, a weak-to-neutral Relative Strength Index (RSI) also prevents Ethereum from further aggressive positive movements. Nevertheless, this scenario could change if the crowd‘s sentiment shifts to bullish with the DTCC’s listing.

　　ETH/USD daily price chart. Source: /Finbold

　　On the other hand, the same entity released an “important notice” to the finance market on April 26. As reported by Finbold, its subsidiary, Depository Trust Company (DTC), will no longer recognize collateral value from cryptocurrency-based ETFs and other investment vehicles.

　　This decision could drive institutional investors away despite Franklin Templeton‘s and BlackRock’s growing interest in the tokenization of real-world assets (RWA), which theoretically benefits Ethereum and the demand for its native token, ETH.

　　Year-to-date, Ethereum has traded as low as $2,140 and as high as $4,091, being both considerable levels to watch for as things develop.