Ethereum Jumps 18% Amid Speculation of SEC Approval for Spot ETFs

The value of ethereum ($ETH), the second-largest cryptocurrency by market capitalization, has increased nearly 18% against the U.S. dollar due to speculation that the U.S. Securities and Exchange Commission (SEC) might approve some spot ether exchange-traded funds (ETFs).

Market Buzz Lifts Ethereum to $3,691

On Monday, ethereum ($ETH) reached an intraday peak of $3,691 per coin amid swirling rumors on social media and forums about the potential SEC approval of several spot $ETH ETFs. According to a report by Coindesk, three sources told the publication exchanges were allegedly instructed by the SEC to update their 19b-4 filings “on an accelerated basis.”

Additionally, Bloomberg analysts Eric Balchunas and James Seyffart raised their approval predictions from 25% to 75%. $ETH experienced a substantial increase following the speculation, climbing from $3,140 at 3 p.m. Eastern Time (EDT) on May 20 to a high of $3,691 per coin by 6:30 p.m. EDT.

The oscillators for $ETH/USD show a mixed sentiment: most are neutral, indicating a lack of strong momentum or overbought/oversold conditions, while the awesome oscillator and momentum suggest positive signals, reflecting underlying strength. Moving averages (MAs), on the other hand, consistently signal bullish sentiment across all timeframes, highlighting a sustained upward trend and strong optimism in the market.

$ETH has appreciated 17.96% against the U.S. dollar, gaining $551 in value over the past few hours. Ether’s dominance within the $2.58 trillion cryptocurrency market is 17%, with an overall market valuation of $436 billion.

It commands the third-highest trade volume of the day, with $26.99 billion traded in the last 24 hours. Today, $ETH’s most traded pair is the stablecoin tether ($USDT). Following $USDT are FDUSD, USDC, BTC, and the Korean won.

The won accounts for 1.67% of all $ETH swaps in the past day. With the market rising so rapidly, $302.52 million in derivatives positions were liquidated, with $ETH shorts leading the way at $102.78 million liquidated in the past day.

According to coinglass.com metrics, 76,107 traders were liquidated in the past 24 hours. The largest single liquidation order occurred on HTX with an $ETH/$USDT trade valued at $3.11 million. At the time of writing, at 8:05 p.m. EDT on Monday, a single $ETH is changing hands for $3,668 per unit.

What do you think about ether’s substantial rise on Monday? Let us know what you think about this subject in the comments section below.