Straight Talkin' With Vitalik: Ethereum's Philosopher- CEO
SEC Postpones ETF Staking Decision for Ethereum, as Token Hovers Around $1,650
Here's the lowdown:- Vitalik Buterin, Ethereum co-founder, talks apps, ethics, and the digital realm.- As ETH price hovers around $1,650, SEC decision on Grayscale's ETF staking application slides to June 2025.- Inverse ETH ETFs raking in big returns this year, with YTD gains over 140%.- Ethereum's fighting the battles that matter most, according to Buterin: it's all about "good social philosophy" in app development.
Vitalik's Vision: Apps Gone Ethical
Booting up Warpcast, Vitalik Buterin, the brains behind Ethereum, got folks talking when he shared his thoughts on where Ethereum's success lies: it's less about the base infrastructure and more about the applications built on it. The key, according to Buterin, is having developers who build with ethical values top of mind.
"Making apps equals making choices," Buterin said. "What goes on the blockchain reflects what you believe Ethereum should be doing for the world."
With a focus on the application layer, Buterin stressed the importance of "good social philosophy" for the long-term success of Ethereum. And he wasn't pulling punches: he called out privacy-focused platforms like Railgun and Polymarket as examples of projects with good philosophy.
Conversely, he criticized meme coin factories like Pump.fun and flop projects such as FTX and Terra as warning signs of what can happen when building without a clear purpose or moral compass.
Market Movers: Fact and Figures
While Buterin is all about ethics, traders are tracking price action. ETH currently rests near $1,650, testing a resistance spot at $1,660.
On April 13 (tada!), the day got off to a bearish start. Sellers called the shots early on, pushing Ethereum into a downtrend. RSI indicators confirmed this by showing oversold conditions starting at 2:25 UTC. In a twist, a golden cross appeared at 14:30 UTC, hinting at potential bullish momentum, only for the RSI to flip back when the MACD death cross rolled in at 18:20 UTC.
Support lurked at $1,562.01, with another oversold RSI dip at 19:40 UTC. As the clock chimed April 14, the MACD crossed golden again, giving bulls the upper hand again. But resistance awaited at $1,660.52 following oversold RSI signals at 00:25 and 02:30 UTC. If the current bullish tone holds, ETH could bust through $1,660 and target $1,700. If sellers step back in, however, support at $1,562 might crack, with potential downside risk lurking around $1,500.
Eyes on the SEC: Delay, Delay, Delay
SEC's been busy playing the waiting game when it comes to Grayscale's ETF staking application. They've pushed the decision all the way to June 1, 2025. Many believe this is due to President Trump's nominee, Paul Atkins, still needing to be confirmed and start his duties.
Most analysts think the SEC will eventually approve staking in these funds later this year. But back in January, the resignation of former SEC Chair Gary Gensler might've opened the door for a more favorable agency stance on such applications.
Here Comes the Staking Boost
An approval could send ETH ETFs, which have seen decreased inflows over the past two months, soaring high. Analysts at Standard Chartered and Sygnum think that staking could bring new inflows and fuel an ETH rally.
But not everyone's playing the staking game. Inverse ETFs, tracking twice the inverse of ETH's price, have been among the top-performing ETFs this year, with YTD returns exceeding 148%.
Ethereum underwent $77.86 million in futures liquidations in the previous 24 hours. The long and short liquidations amounted to $43.16 million and $34.69 million, respectively.
ETH bounced off the $1,522 support level last Friday and is currently challenging a significant descending trendline resistance dating back to March 25. If it fails to jump above the trendline, it might strengthen resistance, triggering increased sell orders each time ETH gets close. But if ETH overcomes this resistance, it'll face another hurdle at the upper boundary of a four-month descending channel.
- Vitalik Buterin, Ethereum's co-founder and CEO, emphasized the importance of ethics in the development of applications on the Ethereum network, focusing on what he referred to as "good social philosophy."
- Buterin criticized projects like Pump.fun and flop projects such as FTX and Terra, stating that they lacked a clear purpose or moral compass, while praising privacy-focused platforms like Railgun and Polymarket as examples of good ethical philosophy.
- In the finance sector, traders are closely monitoring the price action of Ethereum, which recently experienced a downtrend after starting the day bearishly on April 13.
- The Securities and Exchange Commission (SEC) has delayed its decision on Grayscale's ETF staking application, pushing the decision back to June 2025, possibly due to the confirmation of President Trump's nominee, Paul Atkins.
- The approval of Ethereum ETF staking could lead to increased inflows and a potential rally in ETH ETFs, but inverse ETFs tracking twice the inverse of ETH's price have been among the top-performing ETFs this year, with YTD returns exceeding 148%.
