SEC’s Potential Approval of Spot Ethereum ETFs
Ethereum’s price has skyrocketed 20% in the past day due to the potential approval of Spot Ethereum ETFs by the Securities and Exchange Commission (SEC). Bloomberg analysts Eric Balchunas and James Seyffart have raised their odds of approval to 75%.
Whale Activity
Ethereum whales have also contributed to the price surge. They purchased over 110,000 ETH between May 19 and 20, believing in the ETF approval.
Impact on Altcoins
Analysts predict that the SEC’s approval of Spot Ethereum ETFs will trigger a rally for Ethereum and other altcoins. Crypto analyst Michaël van de Poppe suggests that altcoins will see a bullish reversal due to Ethereum’s price being priced in for a denial.
Altcoin Season Kickstart
Crypto analyst Javon Marks believes that an Ethereum breakout will kickstart the altcoin season. This is already evident, with other altcoins experiencing significant price gains in the past 24 hours.
