{"id":609130,"date":"2024-05-21T16:00:24","date_gmt":"2024-05-21T16:00:24","guid":{"rendered":"https:\/\/uniquehot.com\/?p=609130"},"modified":"2024-05-21T11:52:42","modified_gmt":"2024-05-21T11:52:42","slug":"ethereum-price-up-20-today","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-up-20-today\/","title":{"rendered":"Why Is The Ethereum Price Up 20% Today?"},"content":{"rendered":"<p><a href=\"https:\/\/bitcoinist.com\/ethereum-to-10000-programmed\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">The Ethereum price<\/span><\/a><span style=\"font-weight: 400\"> has risen almost 20% in the last 24 hours. This is a positive development for the second-largest crypto token, which has been lagging until now. Ethereum\u2019s price surge is believed to be due to several factors, including the potential approval of the <\/span><a href=\"https:\/\/bitcoinist.com\/us-sec-set-to-make-decision-on-ethereum-spot-etfs\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Spot Ethereum ETFs<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<h2>SEC Could Soon Approve Spot Ethereum ETFs<\/h2>\n<p><span style=\"font-weight: 400\">Ethereum has risen on the news that the <\/span><a href=\"https:\/\/uniquehot.com\/crypto\/sec-announcement-crypto\/#:~:text=What%20The%20SEC's%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&amp;text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it.\"><span style=\"font-weight: 400\">Securities and Exchange Commission (SEC)<\/span><\/a><span style=\"font-weight: 400\"> could approve the Spot Ethereum ETF applications. Before now, it was almost certain that the Commission would deny these applications. However, the SEC is now open to approving these funds based on <\/span><a href=\"https:\/\/bitcoinist.com\/expert-pessimistic-on-ethereum-spot-etf-approval\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bloomberg analyst Eric Balchunas\u2019s<\/span><\/a><span style=\"font-weight: 400\"> revelation.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-retail-investors-dumping\/\">Bitcoin Retail Investors Are Dumping Amid Jump To $67,000, Why This Is Good For Price<\/a><\/div>\n<p><span style=\"font-weight: 400\">Balchunas revealed in an X (formerly Twitter) <\/span><a href=\"https:\/\/x.com\/EricBalchunas\/status\/50906102\" rel=\"nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\"> that he and fellow <\/span><a href=\"https:\/\/bitcoinist.com\/bloomberg-analysts-take-on-spot-etf-approval-timing\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bloomberg analyst James Seyffart<\/span><\/a><span style=\"font-weight: 400\"> were increasing their odds of Spot Ethereum ETF approval to 75% (from 25%), having heard that the SEC could likely approve these funds due to \u201cincreasingly political issue.\u201d Seyffart also confirmed this development, <\/span><a href=\"https:\/\/x.com\/JSeyff\/status\/67413502\" rel=\"nofollow\"><span style=\"font-weight: 400\">stating<\/span><\/a><span style=\"font-weight: 400\"> that \u201cthings are taking a turn for the better on Spot #ethereum ETF approvals this week. Upping our odds to 75%.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">Seyffart further noted in a subsequent <\/span><a href=\"https:\/\/x.com\/JSeyff\/status\/77757456\" rel=\"nofollow\"><span style=\"font-weight: 400\">X post<\/span><\/a><span style=\"font-weight: 400\"> that the 75% approval odds relate to the 19b-4 filings, with VanEck\u2019s final deadline coming up on May 23. The SEC will still need to approve the S-1 filings before these funds can launch. S-1 approvals could take up to months, meaning that it could take a while before these Spot Ethereum ETFs go live.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, that hasn\u2019t stopped <\/span><a href=\"https:\/\/bitcoinist.com\/18-m-ethereum-withdrawal-triggers-frenzy\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Ethereum whales<\/span><\/a><span style=\"font-weight: 400\"> from believing, and this group of investors is another reason why ETH\u2019s price has shot up recently. Data from the market intelligence platform shows that these whales bought over 110,000 ETH ($341 million) between May 19 and 20. This has turned out to be profitable since Ethereum\u2019s price had been priced in on the rumors of a rejection.\u00a0<\/span><\/p>\n<h2>Time For Ethereum Price And Altcoins To Make Their Move<\/h2>\n<p><span style=\"font-weight: 400\">With the recent development that the SEC will likely approve the Spot Ethereum ETFs, <\/span><a href=\"https:\/\/bitcoinist.com\/altcoin-season-ethereum-breakout\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Ethereum and other altcoins<\/span><\/a><span style=\"font-weight: 400\"> look primed to make significant moves to the upside. <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-150000-40-correction\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Crypto analyst Micha\u00ebl van de Poppe<\/span><\/a><span style=\"font-weight: 400\"> had predicted that the news around the Spot Ethereum ETFs would trigger a rally for Ethereum and altcoins.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-historical-1200-surge\/\">Bitcoin Price Mirrors Historical Pattern That Led To $1,200 Surge, Will History Repeat Itself?<\/a><\/div>\n<p><span style=\"font-weight: 400\">While explaining why he swapped his Bitcoin holdings for Altcoins, Van de Poppe <\/span><a href=\"https:\/\/bitcoinist.com\/its-all-about-risk-top-analyst-reveals-why-he-sold-all-his-bitcoin-for-altcoins\/#:~:text=On%20Thursday%2C%20renowned%20crypto%20analyst,lost%20his%20faith%20in%20BTC.\" rel=\"nofollow\"><span style=\"font-weight: 400\">suggested<\/span><\/a><span style=\"font-weight: 400\"> that Ethereum (and other altcoins) would likely see a bullish reversal once the news about a denial of the Spot Ethereum ETFs was out since the crypto token was already priced into this news.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">He added that things could even be better if the news turns out to be better than people expect, which is currently the case with the SEC looking increasingly likely to approve these funds.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, <\/span><a href=\"https:\/\/bitcoinist.com\/33000-move-for-xrp-price\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">crypto analyst Javon Marks<\/span><\/a><span style=\"font-weight: 400\"> predicted that an Ethereum breakout will kickstart the <\/span><a href=\"https:\/\/bitcoinist.com\/doge-ada-cardano-altcoin-season\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">altcoin season<\/span><\/a><span style=\"font-weight: 400\">. That already looks to be the case, seeing how other altcoins have enjoyed significant price gains in the last 24 hours thanks to the second largest crypto token by market cap.<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/Kzf7Ci2q\/\" alt=\"Ethereum price chart from Tradingview.com\" width=\"3286\" height=\"1576\"><figcaption class=\"wp-caption-text\">ETH price rallies toward $4,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">ETHUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Ethereum price has risen almost 20% in the last 24 hours. This is a positive development for the second-largest crypto token, which has been lagging until now. Ethereum\u2019s price surge is believed to be due to several factors, including the potential approval of the Spot Ethereum ETFs.\u00a0 SEC Could Soon Approve Spot Ethereum ETFs Ethereum has risen on the news that the Securities and Exchange Commission (SEC) could approve the Spot Ethereum ETF applications. Before now, it was almost certain that the Commission would deny these applications. However, the SEC is now open to approving these funds based on Bloomberg analyst Eric Balchunas\u2019s revelation.\u00a0 Related Reading: Bitcoin Retail Investors Are Dumping Amid Jump To $67,000, Why This Is Good For Price Balchunas revealed in an X (formerly Twitter) post that he and fellow Bloomberg analyst James Seyffart were increasing their odds of Spot Ethereum ETF approval to 75% (from 25%), having heard that the SEC could likely approve these funds due to \u201cincreasingly political issue.\u201d Seyffart also confirmed this development, stating that \u201cthings are taking a turn for the better on Spot #ethereum ETF approvals this week. Upping our odds to 75%.\u201d Seyffart further noted in a subsequent X post that the 75% approval odds relate to the 19b-4 filings, with VanEck\u2019s final deadline coming up on May 23. The SEC will still need to approve the S-1 filings before these funds can launch. S-1 approvals could take up to months, meaning that it could take a while before these Spot Ethereum ETFs go live.\u00a0\u00a0 However, that hasn\u2019t stopped Ethereum whales from believing, and this group of investors is another reason why ETH\u2019s price has shot up recently. Data from the market intelligence platform shows that these whales bought over 110,000 ETH ($341 million) between May 19 and 20. This has turned out to be profitable since Ethereum\u2019s price had been priced in on the rumors of a rejection.\u00a0 Time For Ethereum Price And Altcoins To Make Their Move With the recent development that the SEC will likely approve the Spot Ethereum ETFs, Ethereum and other altcoins look primed to make significant moves to the upside. Crypto analyst Micha\u00ebl van de Poppe had predicted that the news around the Spot Ethereum ETFs would trigger a rally for Ethereum and altcoins.\u00a0 Related Reading: Bitcoin Price Mirrors Historical Pattern That Led To $1,200 Surge, Will History Repeat Itself? While explaining why he swapped his Bitcoin holdings for Altcoins, Van de Poppe suggested that Ethereum (and other altcoins) would likely see a bullish reversal once the news about a denial of the Spot Ethereum ETFs was out since the crypto token was already priced into this news.\u00a0 He added that things could even be better if the news turns out to be better than people expect, which is currently the case with the SEC looking increasingly likely to approve these funds.\u00a0 Meanwhile, crypto analyst Javon Marks predicted that an Ethereum breakout will kickstart the altcoin season. That already looks to be the case, seeing how other altcoins have enjoyed significant price gains in the last 24 hours thanks to the second largest crypto token by market cap. Featured image from Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":609138,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,89213,16163,1946,7931,6931,8686,78803],"class_list":["post-609130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Why Is The Ethereum Price Up 20% Today?<\/title>\n<meta name=\"description\" content=\"The Ethereum price has risen almost 20% in the last 24 hours, a positive development for the second-largest crypto token.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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