Altcoins
Why did the price of Ethereum increase by 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 so far lagged behind. Ethereum’s price surge is believed to be due to several factors, including the potential approval of Spot Ethereum ETFs.
The SEC may soon approve Ethereum spot ETFs
Ethereum is reeling from news that the Securities and Exchange Commission (SEC) may approve Ethereum Spot ETF applications. Before now it was almost certain that the Commission would reject such requests. However, the SEC is now willing to approve these funds based on Bloomberg analyst Eric Balchunas’ revelation.
Balchunas revealed in a post on approve these funds due to “increasing political problem.” Seyffart also confirmed this development, stating that “things are taking a positive turn with #ethereum Spot ETF approvals this week. Raising our odds to 75%.”
Seyffart also noted in a subsequent post on The SEC will still need to approve S-1 filings before these funds can launch. S-1 approvals could take up to months, meaning it could take some time for these Spot Ethereum ETFs to become active.
However, that hasn’t stopped Ethereum whales from believing it, and this group of investors is another reason why the price of ETH has soared 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 to be profitable as the price of Ethereum had been discounted by 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 Ethereum Spot ETFs, Ethereum and other altcoins appear poised to make significant upward moves. Crypto analyst Michaël van de Poppe predicted that the Ethereum Spot ETF news would trigger a rally for Ethereum and altcoins.
Explaining why he swapped his Bitcoin holdings for Altcoins, Van de Poppe suggested that Ethereum (and other altcoins) would likely see a bullish reversal once the news about the Ethereum Spot ETF denial broke as the crypto token was already been priced in this news.
He added that things could even get better if the news turns out to be better than people expect, as is currently the case with the SEC looking increasingly likely to approve these funds.
Meanwhile, crypto analyst Javon Marks has predicted that an Ethereum breakout will kick off the altcoin season. This already appears to be the case, as other altcoins have seen notable price increases over the past 24 hours thanks to the second-largest crypto token by market cap.