ethereum-to-10000-programmed/” rel=”nofollow”>The price of ethereum has risen almost 20% in the last 24 hours. This is a positive development for the second largest crypto token, which has lagged until now. The rise in ethereum price is believed to be due to several factors, including the possible approval of the ethereum-spot-etfs/” rel=”nofollow”>ethereum Spot ETF.
SEC May Soon Approve ethereum Spot ETFs
ethereum has risen on the news that the Securities and Exchange Commission (SEC) could approve Spot ethereum ETF applications. Until now it was almost certain that the Commission would reject these requests. However, the SEC is now open to approving these funds based on ethereum-spot-etf-approval/” rel=”nofollow”>Bloomberg analyst Eric Balchunas revelation.
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Balchunas revealed in an x (formerly twitter) x.com/EricBalchunas/status/1792636523050906102″ rel=”nofollow”>mail that he and his companion James Seyffart, Bloomberg analyst were increasing their Spot ethereum ETF approval odds to 75% (from 25%), having heard that the SEC could likely approve these funds due to an “increasingly political issue.” Seyffart also confirmed this evolution, x.com/JSeyff/status/1792636774067413502″ rel=”nofollow”>indicating that “things are looking up with #ethereum Spot ETF approvals this week. Increasing our odds to 75%.”
Seyffart further noted in a later article x.com/JSeyff/status/1792650597377757456″ rel=”nofollow”>x publication that the 75% approval odds relate to 19b-4 filings, and VanEck's final deadline will be May 23. The SEC will still need to approve S-1 filings before these funds can be launched. S-1 approvals could take up to months, meaning it could be a while before these Spot ethereum ETFs go live.
However, that has not prevented ethereum-withdrawal-triggers-frenzy/” rel=”nofollow”>ethereal whales to believe, and this group of investors is another reason why the price of eth has skyrocketed recently. Data from the market intelligence platform shows that these whales purchased more than 110,000 eth ($341 million) between May 19 and 20. This turned out to be profitable as the price of ethereum had been discounted due to rumors of a rejection.
It's time for ethereum price and Altcoins to make their move
With the recent development that the SEC will likely approve Spot ethereum ETFs, ethereum-breakout/” rel=”nofollow”>ethereum and other altcoins They seem poised to make significant moves higher. bitcoin-150000-40-correction/” rel=”nofollow”>The cryptanalyst Michaël van de Poppe had predicted that the news about ethereum Spot ETFs would trigger a rally for ethereum and altcoins.
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While explaining why he swapped his bitcoin holdings for Altcoins, Van de Poppe bitcoin-for-altcoins/#:~:text=On%20Thursday%2C%20renowned%20crypto%20analyst,lost%20his%20faith%20in%20BTC.” rel=”nofollow”>He suggested that ethereum (and other altcoins) would likely see a bullish reversal once the news about the denial of ethereum Spot ETFs broke, as the crypto token was already priced into this news.
He added that things could even be better if the news turns out to be better than people expect, as is currently the case, as the SEC looks increasingly likely to approve these funds.
Meanwhile, crypto analyst Javon Marks predicted that an ethereum breakout will boost the altcoin season. That already appears to be the case, as other altcoins have enjoyed significant price gains in the past 24 hours thanks to the second-largest crypto token by market capitalization.
Featured image of Dall.E, chart from Tradingview.com
