Ethereum (ETH) Surges Over 30% Weekly Amid ETF Approval Speculations

  • Ethereum nears the $4K mark, driven by an optimistic ETF approval outlook.
  • SEC may delay ETF S-1s despite likely 19b-4 approval.
  • RSI overbought at 71.01, hinting at a possible ETH price correction.

Ethereum’s price surge driven by ETF optimism and SEC’s evolving stance on cryptocurrency regulation.

Ethereum Approaches $4K Amidst ETF Approval Speculations

Ethereum has experienced an alarming price surge, increasing by 30% since Monday, and is now nearing $4K for the first time in 70 days. Analysts attribute this rally to the SEC’s more favorable stance on spot Ether ETFs. This change in perspective has prompted market analysts to increase the likelihood of these ETFs being approved to 75%, driven by active discussions about speeding up 19b-4 filings.

SEC’s Deliberation on Spot Ether ETFs

According to Nate Geraci, a notable commentator on cryptocurrency developments, the SEC is facing a decision deadline this week concerning spot Ether ETFs. Geraci’s insights suggest that while the SEC is likely to approve the necessary 19b-4s, which are exchange rule changes, they might delay the S-1 registration statements, reflecting a hesitance in full engagement. Bloomberg analyst James Seyffart echoes this cautious stance, suggesting that despite regulatory advancements, ETF listings could be weeks away.

Market Reactions and Price Movements

With at least five issuers, including major financial entities, having filed revised 19b-4 applications, the market remains on alert. These revised filings notably omit staking-related content, aligning with the SEC’s regulatory concerns. The anticipation of SEC approval has infused the cryptocurrency market with optimism, contributing to a notable surge in prices. As of press time, the ETH token is presently trading at $3,758.98, marking a 2.71% increase over the last 24 hours. Its market cap has also risen, up by 2.83% to approximately $452.43 billion.

Conclusion

The anticipation of SEC approval has infused the cryptocurrency market with optimism, contributing to a notable surge in prices. As of press time, the ETH token is presently trading at $3,758.98, marking a 2.71% increase over the last 24 hours. Its market cap has also risen, up by 2.83% to approximately $452.43 billion. Additionally, Bitcoin soared past $70,000, reaching a peak of $71,958, though it experienced a slight retracement. Nevertheless, it maintained a strong position, trading just below $70K at the day’s close.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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