Ethereum resumes downtrend as Canada sees another staked ETH ETF launch

Ethereum’s downtrend continued as Canada witnessed the launch of another staked ETH ETF by Purpose Investments. The conversion of Ethereum Capital Corporation into the Purpose Ether Staking Corp ETF demonstrates Canada’s embrace of Ethereum staking, a concept that the US Securities & Exchange Commission (SEC) has shown discomfort with. Despite the recent price decline, the launch of the ETH ETF in Canada could present a promising buy-the-dip opportunity for investors. As the SEC sends comments on S-1 registration statements for spot ETH ETFs, market analysts anticipate the potential for Ethereum to reach a new all-time high above $4,878 if it can maintain support at the $3,500 level. However, a breach below the $3,300 support level could invalidate the bullish thesis and lead to a trading range between $2,852 and $3,300.