NewsletterSpot Ethereum ETF May See Green Light in May, Boosts ETH Price
The crypto market is witnessing a surge in optimism as Ethereum’s price experiences a significant boost. This rise in value is primarily linked to the anticipated approval of a spot Ethereum Exchange-Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
Bloomberg Intelligence analyst Eric Balchunas estimates a 70% chance of approval by May. Consequently, Ether’s value has soared by 9% in the last 24 hours, reaching $2,625 and showing an 18% increase over the past week.
ETH/USD 24-hour price chart (source: CoinMarketCap)
SEC Decision on Ethereum ETF
The market’s reaction mirrors investor confidence in the potential of an Ethereum ETF. This enthusiasm follows the SEC’s recent approval of eleven Bitcoin ETFs. Joe Caselin from BIT crypto exchange observes a pattern of “buy the rumor, ignore the news, buy the next rumor” in the market.
Notably, BlackRock, set to launch its Bitcoin ETF, has a strong history with the SEC, boasting 575 approvals. The final decision on the Ethereum ETF, filed by Ark and 21Shares, is due by May 23. However, the SEC chair Gary Gensler’s view of cryptocurrencies, barring Bitcoin, as securities adds a layer of uncertainty to the process.
Potential Ripple Effects: Beyond Ethereum
The approval of an Ethereum ETF could pave the way for other cryptocurrencies like Solana to gain similar investment vehicles. Rachael Lucas, a technical analyst at BTC Markets, points out Solana’s impressive 920% growth in 2023, far outpacing Bitcoin’s 155% in the same period.
This growth has not gone unnoticed by investors. Moreover, Caselin also suggests that an Ethereum ETF approval might lead to a broader range of ETFs covering top market cap tokens, akin to an S&P 500 model for cryptocurrencies.
Read Also: Sam Altman’s Worldcoin Records 500,000 World ID Verifications In Argentina
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- BlackRock Bitcoin ETF Ranks Among Top ETFs In 2025 Despite Crypto Downturn
- Stablecoin Adoption Deepens as Klarna Turns to Coinbase for Institutional Liquidity
- Ripple, Circle Could Gain Fed Access as Board Seeks Feedback on ‘Skinny Master Account’
- Fed’s Williams Says No Urgency to Cut Rates Further as Crypto Traders Bet Against January Cut
- Trump to Interview BlackRock’s Rick Rieder as Fed Chair Shortlist Narrows to Four
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
