- Ethereum surged over 20% in the past 24 hours, driven by speculation about SEC approval of Spot Ethereum ETFs.
- Analysts have raised the probability of SEC approval for these ETFs to 75%.
- Significant purchases by Ethereum whales have further boosted ETH’s price amid these positive developments.
Ethereum (ETH) has experienced a dramatic increase, surging over 20% in the last 24 hours. The primary driver behind this surge is the anticipation of the possible approval of Spot Ethereum ETFs by the SEC.
The potential approval of these ETFs represents a significant change from earlier expectations of rejection. Analysts have increased their probability estimates for approval to 75%, up from the previous 25%. This shift in outlook is based on new information suggesting that the SEC’s decision is becoming more politically influenced. Observers have noted that the chances for Spot Ethereum ETF approvals are looking better.
Despite the potential delay in the necessary S-1 filings for launching these ETFs, which could extend the process for several months, major investors, known as Ethereum whales, have shown considerable confidence. Recently, these investors purchased over 110,000 ETH, valued at approximately $341 million. This significant investment has contributed to the price increase, driven by rumors of a rejection that did not materialize.
The anticipated approval of Spot Ethereum ETFs is viewed as a pivotal moment, expected to drive substantial gains for Ethereum and other altcoins. Some analysts had earlier forecasted that positive news regarding the Spot Ethereum ETFs would trigger a market rally. This prediction prompted shifts in investments from Bitcoin to altcoins in anticipation of a bullish trend. This forecast appears to be accurate, as the market responds to the optimistic developments.
Similarly, there is a belief that Ethereum’s price breakout could initiate an altcoin season. This prediction seems to be coming true, with numerous altcoins seeing significant price increases following Ethereum’s substantial rise.
