Will Ethereum's Price Surge Be Derailed? Van Eck CEO Casts Doubt on SEC ETF Approval

The meme coins list to buycryptocurrency community has been buzzing with anticipation around Ethereum's potential price surge, fueled by the upcoming Bitcoin halving and hopes for spot ETH ETF approvals. However, a sobering perspective from Van Eck's CEO suggests these bullish expectations might be premature.

Regulatory Silence Speaks Volumes

Jan Van Eck, chief executive of the investment firm bearing his name, recently shared concerning observations about the SEC's approach to Ethereum ETF applications. Unlike the active dialogue that preceded Bitcoin ETF approvals, regulators have maintained complete radio silence regarding ETH filings. "We've submitted our documentation, but the lack of response tells its own story," Van Eck noted in a CoinDesk interview.

Market Reactions and Technical Indicators

Following a brief rally that pushed ETH to $3,730, the market has corrected significantly. Current technical analysis suggests Ethereum may test the $3,406 support level, with long positions seeing substantial liquidations exceeding $60 million - surpassing even Bitcoin's figures despite lower trading volumes.

Layer 2 Innovations and Restaking Developments

Beyond ETF speculation, Van Eck highlighted more fundamental crypto developments that deserve attention. The Dencun upgrade has dramatically reduced Layer 2 transaction costs, while EigenLayer's mainnet launch introduces new restaking opportunities with its $13.56 billion TVL. These infrastructure improvements could drive organic adoption regardless of ETF outcomes.

Analyst Consensus Shifts

Market observers have noticeably adjusted their expectations, with prominent analysts like Bloomberg's Eric Balchunas now giving only 25% odds for May approval. This stands in contrast to earlier optimism, though some voices like Grayscale's legal chief maintain that SEC silence doesn't necessarily indicate rejection.

As the May 23 deadline approaches, Ethereum traders face increased volatility. The combination of regulatory uncertainty, technical support tests, and innovative protocol developments creates a complex landscape for ETH's near-term price action.