Ethereum (ETH), the world's second-largest cryptocurrency, is on a strong bull run, rising 20% in the past 24 hours as the possibility of approval for the Spot Ethereum ETF increases.
Ethereum (ETH) price rises to $4,000
At the time of writing, Ethereum (ETH) price has increased by 19.64% to trade at $3,692, giving it a market cap of $443 billion. This expanded ETH's weekly gain to over 25%. Meanwhile, ETH's daily trading volume also increased by an astonishing 264%, reaching over $36.24 billion.
This comes as the US SEC on Monday urged issuers to update their 19b-4 filings for Spot Ethereum ETFs. Until the end of last week, market analysts were not expecting SEC approval for the Spot Ethereum ETF. This was specifically due to a lack of communication between the SEC and the issuer.
However, following yesterday's developments, market analysts have increased the probability of Spot Ether ETF approval from 25% previously to over 75% now. Popular crypto analyst Michael Van de Poppe said:
“The chances of getting an Ethereum ETF rejected on the spot have gone down by a mile. Maybe there will be a delay, but there is a pretty good chance it will be approved by August. The bull market is here.”
The first decision on the VanEck Spot Ethereum ETF is expected to be made by Thursday, May 23rd. Therefore, price volatility is expected to continue further. Any positive developments could push Ether price further above $4,000.
ETH whale resumes activity
The Ethereum whale is back in action after acquiring 110,000 ETH worth $341 million in the past 24 hours.
#Ethereum More than 110,000 whales purchased $ETH In the last 24 hours, it's worth about $341 million. pic.twitter.com/45mqxyqVu0
— Ali (@ali_charts) May 20, 2024
The ETH/BTC pair has also seen a sharp rise despite Bitcoin's strong rally, which has led some market participants to start swapping Bitcoin for Ethereum.
As the odds of Spot Ethereum ETF approval increase, investor James Fickel (@jamesfickel) borrowed 350 WBTC ($25 million) from Aave and converted it to 6,905 ETH to go long the ETH/BTC trading pair. . Fickell has maintained a long position in ETH/BTC since the launch of the Bitcoin ETF on January 10th.
To date, Fickell has borrowed a total of 2,741 WBTC ($150.3 million) from Aave and exchanged it for 50,693 ETH at a rate of 0.05408.
as #SEC Requires Exchanges to Expedite Updates to 19B-4 Documents $ETH #ETFprobability of approval $ETH #ETF It has increased significantly.
James Fickell (james fikel) I continued to borrow 350. $WBTC(from $25 million) #Ave Exchanged for 6,905 yen $ETH To continue for a long time… pic.twitter.com/IYFmQyHVIP
— Lookonchain (@lookonchain) May 21, 2024
