Ethereum
Why is Ethereum price up 20% today? — TradingView News
The price of Ethereum has increased by almost 20% in the last 24 hours. This is a positive development for the second-largest crypto token, which has been a laggard until now. Ethereum’s price surge is believed to be due to several factors, including the potential approval of Spot Ethereum ETFs.
SEC May Approve Spot Ethereum ETFs Soon
Ethereum rose on news that the Securities and Exchange Commission (SEC) may approve Spot Ethereum ETF applications. Until now, it was almost certain that the Commission would refuse these requests. However, the SEC is now open to approving these funds based on the revelations by Bloomberg analyst Eric Balchunas.
Balchunas revealed in a post on that the SEC could likely approve these funds due to “increasing risks.” political question. » Seyffart also confirmed this development, stating that “things are looking up with Spot #ethereum ETF approvals this week.” Increase our chances to 75%.
Seyffart further noted in a later 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 take a while before these Spot Ethereum ETFs go live.
However, that hasn’t stopped Ethereum whales from believing in it, and this group of investors is another reason why the price of ETH has been surging recently. Data from the market intelligence platform shows that these whales purchased over 110,000 ETH ($341 million) between May 19 and 20. This proved profitable since the price of Ethereum had been priced into the rejection rumors.
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 and other altcoins appear poised to make significant upside progress. Crypto analyst Michaël van de Poppe predicted that the news regarding Spot Ethereum ETFs would spark a rally for Ethereum and altcoins.
While explaining why he swapped his Bitcoin holdings for Altcoins, Van de Poppe suggested that Ethereum (and other altcoins) would likely experience a bullish reversal once news of the Spot Ethereum ETF rejection became known since the cryptographic token was already integrated into this price. news.
He added that things could even be better if the news turns out to be better than people expect, which is currently the case, with the SEC looking increasingly likely to approve these funds.
Meanwhile, crypto analyst Javon Marks predicted that an Ethereum breakout would kick off the altcoin season. This already appears to be the case, given that other altcoins have seen significant price gains over the past 24 hours thanks to the second-largest crypto token by market capitalization.