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BlockNews
Home CRYPTO

Ethereum is Sky Rocketing and Here is Why

Michael Juanico by Michael Juanico
May 21, 2024
in CRYPTO
Reading Time: 5 mins read
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• Ethereum (ETH) jumped nearly 23% over the past 24 hours, breaking through $3,790, as traders became optimistic about the possible approval of spot Ethereum ETFs by the SEC
• Reports emerged that the SEC has requested updated information and documents from potential issuers, renewing hope among crypto analysts and investors after months of waning enthusiasm
• The first spot Ethereum ETF decision is expected on Thursday for VanEck, and investors should closely watch these decisions as they will significantly impact the crypto market

Ethereum (ETH) has seen a considerable price surge over the past day as optimism grows for the potential approval of spot ETFs. This renewed enthusiasm comes after reports that the SEC has requested updated details from issuers.

JUST IN: Ethereum $ETH reclaims $3,800

— BlockNews.com (@blocknewsdotcom) May 21, 2024

ETH Jumps on SEC Movement Toward Ethereum ETFs

The price of Ethereum has broken through $3,790 this morning, up nearly 23% over the past 24 hours. ETH began its rise yesterday as traders became optimistic about the possible approval of spot Ethereum ETFs.

The U.S. Securities and Exchange Commission (SEC) is due to make its final decision on two Ethereum ETFs from VanEck and Ark Invest later this week. While enthusiasm surrounding the spot ether ETFs had waned in recent months, reports on Monday that the SEC has requested updated information and documents from potential issuers has sparked new hope among crypto analysts and investors.

Ethereum has been trending steadily higher since October, when it appears to have bottomed out around $1,500.

Ethereum Reaches Levels Not Seen Since March

With these latest gains, Ethereum has reached a level it hasn’t seen since March of this year. However, it is still a ways off of its all-time high of almost $4,900 set in November 2021.

SEC Requests Spark Optimism

On Monday, reports began circulating that issuers and exchanges have been asked for updates on key documents and other information related to Ethereum ETF applications.

After 11 spot bitcoin ETFs received approval in January, many believed that spot Ethereum ETFs would similarly be approved. However, over the past several months, the consensus has leaned toward rejection by the SEC.

The reasoning for that consensus largely focuses on how the SEC has not interacted much with the issuers or their applications. This stands in stark contrast to the period leading up to the spot bitcoin ETF approvals in January, during which the SEC provided issuers with robust commentary on their applications.

Investors’ optimism, however, has been renewed following Monday’s reports, and ETH is soaring.

Analysts Up Odds of Approval

Investors aren’t the only ones feeling the excitement. Two Bloomberg ETF analysts, James Seyffart and Eric Balchunas, changed their prediction on the approval odds of spot Ethereum ETFs. Citing “chatter” that the SEC is changing its stance, the analysts upped the odds of an approval to 75%.

Crypto Winter Appears to Be Ending

It’s finally starting to look like 2022’s crypto winter is officially over. However, that doesn’t mean that the crypto market has not maintained its volatility.

The first spot Ethereum ETF decision is expected on Thursday for VanEck. Investors should keep a close eye on this decision and the ones to follow, as they will undoubtedly have a significant impact on the crypto market either way.

Last November, ETH shot higher due to a filing in the state of Delaware, in which BlackRock Advisors applied for an iShares Ethereum Trust with the U.S. Securities and Exchange Commission.

This caused considerable excitement across both the Ethereum and broader crypto markets as it was rightly assumed that BlackRock Advisors was none other than investment giant BlackRock. ETH has maintained a steady upward trajectory ever since.

It’s undeniable that approval of an Ethereum ETF would likely lift cryptocurrencies across the board. In fact, many cryptos are already getting a lift today based on the speculation of approval alone.

At the time of writing, bitcoin (BTC) is up 6% over the past 24 hours, and several altcoins have seen similar price increases.

What This Means for Crypto Investors

Investors now face a crucial question: Is this yet another indication that a bottom has been reached by the crypto market, or is it simply a temporary rebound known as a dead cat bounce?

A dead cat bounce refers to a temporary price recovery within a larger negative trend, followed by a resumption of downward movement.

This certainly doesn’t look to be the case right now, but with the volatility the crypto market has seen over the past years—not to mention months and days—one can never be sure.

While Ethereum’s steady upward trajectory since October has offered investors some relief, the truth is that we are currently navigating uncharted territory in various aspects. These include the geopolitical landscape, economic indicators, cryptocurrency regulations and the Federal Reserve’s stance on interest rates.

Those familiar with the industry understand that even during the most favorable times, accurately predicting the short-term price movements of digital assets is nearly impossible. This holds especially true in the current market environment.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Ark Investethereumsecspot Ethereum ETFsVanEck
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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