- Ethereum’s price spiked by 9% in about 20 minutes on Monday amid speculation that the SEC will approve spot Ethereum ETFs this week.
- Ethereum’s price jumped from $3,143 to $3,428 in a span of approximately 20 minutes.
- Bloomberg analysts Eric Balchunas and James Seyffart now estimate a 75% chance that the SEC will approve Ethereum spot ETF applications starting this week.
The price of Ethereum jumped 9% in about 20 minutes on Monday as analysts predicted the SEC will approve spot ETFs this week.
Ethereum Jumps to $3,428
The price of Ethereum spiked from $3,143 to $3,428 in approximately 20 minutes according to CoinGecko data. Its 24-hour gain sits at 11% with the current price around $3,410.
Analysts Now Predict SEC Approval
Bloomberg analysts Eric Balchunas and James Seyffart now estimate a 75% chance the SEC approves ETF applications this week, a reversal from their previous bearish prediction of just 25%.
“Hearing chatter this afternoon that SEC could be doing a 180 on this increasingly political issue, so now everyone scrambling like us, everyone else assumed they’d be denied,” tweeted Balchunas.
Background
The price jump comes as investors continue pouring money into newly approved spot Bitcoin ETFs following weeks of outflows. Ethereum spot ETF approval would likely attract significant inflows as well.
