The world’s second-largest cryptocurrency, Ethereum (ETH), has experienced a robust bullish surge, gaining 20% in the past 24 hours. This rally comes amid increasing optimism for the approval of a spot Ethereum ETF.

Ethereum (ETH) Price Rally to $4,000

As of press time, the Ethereum (ETH) price is trading 19.64% up at $3,692 with a market cap of $443 billion. With this, ETH has extended its weekly gains to more than 25%. On the other hand, the daily trading volume for ETH has also skyrocketed by a staggering 264% to over $36.24 billion.

This happened as the U.S. SEC pushed the issuer to update their 19b-4 filings for spot Ethereum ETF on Monday.  Until last weekend, market analysts were not hopeful of the SEC’s nod for a spot Ethereum ETF. This was specifically due to the lack of communication between the SEC and the issuers.