• Spot ETH ETF issuers are currently awaiting feedback from the SEC regarding their S-1 filings.
• Ethereum's market value has been impacted by heightened selling pressure.

The Securities and Exchange Commission (SEC) has not yet provided responses to the S-1 filings submitted by potential spot Ethereum (ETH) exchange-traded-fund (ETF) issuers on May 31.

The expectation was that the SEC would review these filings by June 7. Nonetheless, none of the eight issuers, whose applications were endorsed on May 23, have received any feedback to date.

Awaiting SEC Approval

According to SEC Chairman Gary Gensler, the approval process for the S-1 forms might be time-consuming. The absence of feedback from the SEC has magnified the selling pressure experienced by ETH.

At the present moment, ETH is priced at $3,539. Recent data from CoinMarketCap demonstrates a nearly 10% decline in the value of the primary altcoin during the past week.

Decrease in Ethereum Demand

The decline in ETH's value can be linked to reduced demand for the altcoin. Crucial momentum indicators like the Relative Strength Index (RSI) and the Money Flow Index (MFI) are positioned below their respective equilibrium lines, signifying an uptick in selling pressure.

Additionally, the Chaikin Money Flow (CMF), responsible for tracking capital movement in and out of the market, is on a downward trajectory. A negative CMF value implies market fragility and hints at capital outflow with a bearish inclination towards an asset.

Similarly, the pessimistic values of ETH's Elder-Ray Index, which gauges the balance of power between buyers and sellers, underscore the bearish sentiment towards the altcoin.

If the current selling pressure persists, the price of ETH may potentially dip below the $3500 threshold to settle at around $3403. Conversely, if the bearish sentiment dissipates and bullish sentiment resumes, ETH's price might ascend towards $3610.