Breaking: Grayscale Ethereum Trust is now SEC-regulated company

• Grayscale Ethereum Trust is now an SEC-regulated company.
• ETH/USD develops a strong recovery attempt.

 The shares of the Trust are registered under Section 12(g) of the Securities Exchange Act of 1934. It invests solely in ETH, while the shares of the Trust allow investors to gain exposure to the second-largest digital asset. 

 The shares of the Trust are registered under Section 12(g) of the Securities Exchange Act of 1934. It invests solely in ETH, while the shares of the Trust allow investors to gain exposure to the second-largest digital asset. 
 
Additionally, accredited investors who own or purchase shares from the Trust's private placement now have an earlier liquidity opportunity, as the statutory holding period of shares purchased through the private placement will be reduced from 12 months to 6 months, provided the other requirements under Rule 144 of the Securities Act of 1933, as amended (the "Securities Act"), have been satisfied.
 

ETH/USD: The technical picture

While the community got excited with the news, ETH/USD  attempts to recover from the intraday lows. The price rebounded from $370.4 to trade at $380 by ty the time of writing, mostly unchanged since the start of the day. 
 

ETH/USD 4-hour chart

The price is breaking the local resistance is created by $376. This barrier has been limiting ETH's upside momentum since the weekend. Once it is out of the way, the upside is likely to gain traction with the next focus on a strong psychological barrier of $400. 
 
 On the downside, the local support is created by $362. A sustainable move below this area will negate the immediate bullish scenario and bring $350 in focus.