Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Ether Soars to 2-Month High Amid ETF Approval Rumors

Published 05/22/2024, 12:52 AM

Ethereum's price surged to a two-month high of $3,824 amid rumors of the SEC potentially approving spot Ether ETFs.

Ethereum (ETH), the world’s second-largest cryptocurrency, experienced a significant price surge, reaching a two-month high of $3,824, following rumors that the U.S. Securities and Exchange Commission (SEC) may soon approve spot Ether exchange-traded funds (ETFs).

The news sparked a bullish sentiment in the cryptocurrency market, with Ethereum’s price increasing by over 22% within a few hours and the overall digital asset market gaining 7.5%, reaching a market cap of $2.6 trillion with a 130% increase in trading volumes.

Ether Hits 2-Week High Amid Spot ETF Speculation

The cryptocurrency market showed significant gains, with Ethereum’s price surging by 21.93% to $3,796.83, Bitcoin (BTC) hitting $70,338.38, and other altcoins like Dogecoin (DOGE) and Cardano (ADA) also rising.

Reports suggesting the SEC might approve Ether ETFs soon contributed to the price surge, with Ether’s price rising by 24.50% to around $3,790, the highest level in two months.

Why is the Ether Price Soaring?

The primary reason behind Ethereum’s significant price increase is the growing speculation about the SEC nearing approval for spot Ether ETFs.

Two main factors drove Ether’s recent price surge: increasing chances of U.S. approval for a spot Ethereum ETF and a DOJ indictment reducing the likelihood of ETH being classified as a security. The SEC’s reported engagement with cryptocurrency exchanges and ETF issuers to update their filings has significantly raised investor confidence.

At the same time, a sharp increase in Ether Futures open interest and funding rates indicated growing investor interest and bullish sentiment towards Ethereum.


Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

This article was originally published on The Tokenist. Check out The Tokenist’s free newsletter, Five Minute Finance, for weekly analysis of the biggest trends in finance and technology.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.