As a seasoned crypto investor with years of experience in the market, I’m thrilled to see Ethereum’s price surge by nearly 20% within the last 24 hours. This uptick is a positive sign for ETH, which has been lagging behind other cryptocurrencies until now. The primary catalyst for this growth seems to be the potential approval of Spot Ethereum ETFs.
The cost of Ethereum has climbed approximately 20% within the past 24 hours, marking a significant upturn for the second-largest cryptocurrency. Previously, Ethereum had been underperforming. This price increase is attributed to several causes, such as the potential acceptance of Spot Ethereum ETFs.
SEC Could Soon Approve Spot Ethereum ETFs
The SEC’s potential approval of Spot Ethereum ETF applications has fueled a surge in Ethereum’s value. Previously, it seemed unlikely that the Commission would grant permission for these funds. But according to Bloomberg analyst Eric Balchunas, the SEC is now considering approving them.
As an analyst, I’ve recently updated my assessment based on information shared by my colleague Balchunas and James Seyffart via X (previously Twitter). We’re now increasing the probability of Spot Ethereum ETF approval from 25% to 75%. This change is due to recent indications that the SEC is leaning towards approving these funds, given the “increasingly political issue” at hand. Seyffart also echoed this sentiment, expressing optimism about the progress made on Spot Ethereum ETF approvals this week, raising our collective odds to 75%.
In a more recent X post update, Seyffart mentioned that there is approximately a 75% chance of approval for VanEck’s 19b-4 filings, with their final deadline approaching on May 23. However, it’s important to note that the SEC still needs to approve the S-1 filings before these Spot Ethereum ETFs can be launched. The process of obtaining S-1 approval could take anywhere from a few weeks to several months, so it might be some time before we see these Ethereum ETFs become available on the market.
As a crypto investor, I’ve noticed that despite the market uncertainty, Ethereum whales have remained confident in the cryptocurrency’s potential. According to data from a market intelligence platform, these influential investors purchased over 110,000 ETH, equating to approximately $341 million, between May 19 and 20. This significant buy-in occurred during a time when Ethereum’s price was being influenced by rumors of a potential rejection. However, it seems their investment has paid off thus far.
Time For Ethereum Price And Altcoins To Make Their Move
The SEC’s anticipated approval of Spot Ethereum ETFs could lead to substantial gains for Ethereum and other cryptocurrencies, according to crypto analyst Michaël van de Poppe’s prediction.
As an analyst, I’d interpret Van de Poppe’s perspective as follows: I believed that Ethereum (and other altcoins) would experience a bullish turnaround after the denial of the Spot Ethereum ETFs became public knowledge. The reason being, Ethereum and similar cryptocurrencies had already factored in this news, resulting in their current pricing.
The SEC’s approval of these funds seems imminent, and if the news proves to be even more favorable than anticipated, the situation could significantly improve.
As a crypto analyst, I’ve been closely monitoring the market trends and I believe Ethereum’s imminent breakout will mark the beginning of the altcoin season. This prediction seems to be materializing, given the impressive price surges experienced by several altcoins in the past 24 hours, with Ethereum leading the charge as the second largest crypto token by market capitalization.
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2024-05-21 19:16