Ethereum price It is up almost 20% in the last 24 hours. This is a positive development for the second largest crypto token, which has been lagging behind until now. The rise in Ethereum prices is believed to be due to several factors, including the potential approval of… Ethereum ETFs.
The SEC may soon approve Ethereum ETFs
The price of Ethereum rose after the news that Securities and Exchange Commission (SEC) Spot Ethereum ETF requests can be approved. Before now, the Commission was almost certain to reject these requests. However, the SEC is now open to approving these funds based on… Bloomberg Analyst Eric Balchunas inspiration.
Related reading
Balchunas revealed in X (formerly Twitter) mail He and his colleague Bloomberg analyst James Seyphart They were increasing the odds of Spot Ethereum ETF approval to 75% (from 25%), after hearing that the SEC was likely to approve these funds due to a “growing political issue.” Seyphart also confirmed this development, It is useful “Things are taking a turn for the better after Spot #ethereum ETF approvals this week. Raising our odds to 75%.
Seyphart further noted in a later article Share X The 75% approval odds are for 19b-4 filings, with VanEck's final deadline coming on May 23. The SEC will still need to approve S-1 filings before these funds can be launched. S-1 approvals can take up to months, meaning it could be some time before Spot Ethereum ETFs go live.
However, that did not stop Ethereum whales By belief, this group of investors is another reason for the recent rise in the price of ETH. Data from the market intelligence platform shows that these whales purchased more than 110,000 Ethereum ($341 million) between May 19 and 20. This turned out to be profitable since the price of Ethereum was priced based on rejection rumors.
It's time for Ethereum and altcoin prices to move
With the recent development that the Securities and Exchange Commission (SEC) will likely approve Spot Ethereum ETFs, Ethereum and other altcoins It looks poised to make big moves to the upside. Cryptocurrency analyst Michael van de Poppe I predicted that the news regarding Spot Ethereum ETFs will lead to a rise in the price of Ethereum and altcoins.
Related reading
While explaining why he was exchanging his Bitcoin holdings for altcoins, Van de Poppe said Proposal Ethereum (and other altcoins) will likely see a bullish reversal once news comes out about the rejection of Spot Ethereum ETFs since the cryptocurrency token has already priced in on this news.
He added that things could be better if the news turns out to be better than people expect, which is currently the case as the SEC is increasingly likely to approve these funds.
while, Cryptoanalyst Javon Marks Expect that the Ethereum hack will begin Altcoin season. This indeed appears to be the case, as we see how other altcoins have enjoyed significant price gains over the past 24 hours thanks to the second largest cryptocurrency token by market cap.
Featured image from Dall.E, chart from Tradingview.com