Why did Ethereum price rise 20% today?
Ethereum price It is up almost 20% in the last 24 hours. This is a positive development for the second-largest cryptocurrency token, which has been lagging so far. Ethereum’s price surge is believed to be due to several factors, including potential approval. Spot Ethereum ETF.
The SEC may soon approve a spot Ethereum ETF.
Ethereum rose on the following news: Securities and Exchange Commission (SEC) Your Spot Ethereum ETF application may be approved. Previously, it was almost certain that the Commission would reject such applications. However, the SEC can now approve these funds based on: by Bloomberg analyst Eric Balchunas. revelation.
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Balchunas revealed on X (formerly Twitter) post him and his colleagues Bloomberg analyst James Seyffart The SEC raised its odds of approving the Spot Ethereum ETF from 25% to 75% after hearing that “increasingly political issues” could lead to approval of such funds. Seyffart also confirmed this development, state “Things are looking better for Spot #ethereum ETF approval this week. We increased the probability to 75%.”
Seyffart later commented further: X post A 75% chance of approval involves filing a 19b-4, and VanEck’s final deadline is May 23. The SEC must approve the S-1 filing before these funds can be released. S-1 approval can take up to several months, which means it may take a while for your Spot Ethereum ETF to become active.
But it didn’t stop Ethereum Whale And this group of investors is another reason for the recent surge in the price of ETH. The whales bought more than 110,000 ETH ($341 million) between May 19 and 20, according to data from the market intelligence platform. This turned out to be profitable, as Ethereum was priced following the rejection rumor.
Time for Ethereum price and altcoins to move
Due to recent developments with the SEC potentially approving a Spot Ethereum ETF, Ethereum and other altcoins It looks poised for a significant uptick. Cryptocurrency analyst Michael van de Poppe Spot predicted that news about the Ethereum ETF would spark a rally in Ethereum and altcoins.
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While Van de Poppe explained why he switched his Bitcoin holdings to altcoins: suggested Ethereum (and other altcoins) will likely see a bullish reversal once news breaks of the spot Ethereum ETF rejection, as cryptocurrency tokens have already priced in this news.
He added that things could get even better if the news turns out to be better than people expect. This is the case now, as it looks increasingly likely that the SEC will approve such funds.
meantime, Cryptocurrency analyst Javon Marks It was predicted that Ethereum would break through. Altcoin Season. That seems to already be the case, seeing as how other altcoins have enjoyed significant price gains over the past 24 hours thanks to the second-largest cryptocurrency token by market capitalization.
Featured image from Dall.E, chart from Tradingview.com
