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Spot Ethereum ETF May See Green Light in May, Boosts ETH Price

Ethereum's price soars amid high hopes for an SEC-approved ETF, potentially setting a precedent for other cryptos like Solana.
Spot 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)

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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.

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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

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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