The Grayscale Ethereum Trust (ETHE) has become one of the leading investment products based on Ether, with a market value of approximately $6.7 billion. However, Grayscale Investments’ plan to convert the Ethereum Trust into an exchange-traded fund (ETF) and make it available for public trading has been delayed by the United States Securities and Exchange Commission (SEC).The SEC has postponed the decision on whether to approve or disapprove the Grayscale Ethereum Trust until January 25, 2024. The SEC stated that it needs more time to consider the proposed rule change and the issues raised. This delay has generated anticipation as the approval of a spot Ethereum ETF in the US is expected to have a significant impact on the underlying price action.Grayscale Investments is competing with BlackRock, a major fund manager with over $9 trillion in assets under management, to have their respective spot Ether ETFs approved by the SEC. However, experts believe that the SEC is more likely to approve Bitcoin ETFs before approving the Ethereum ETF.One of the reasons for this is that Bitcoin is generally considered a commodity rather than a security, while the SEC has argued that most ERC20 tokens and NFTs on the Ethereum network are unregistered securities. It is speculated that the SEC could approve all spot Bitcoin ETFs by January 10, making January 25 a possible approval date for the spot Ether ETF.In terms of price action, Ethereum has closely followed Bitcoin in recent weeks after a period of consolidation. With a trading price of around $2,258 and a daily average trading volume of nearly $30 billion, Ethereum has shown a bullish outlook. The recent golden cross between the 50 and 200 Moving Averages and the Relative Strength Index attempting to cross the 70 mark for the first time since the 2021 bull run further supports this bullish sentiment.