👀 Can Ethereum (ETH) Top $4,000 This Week if ETFs Are Approved?

🚀 Ethereum Surges 20%: Ethereum (ETH) prices soared 20%, hitting a six-week high at $3,700, driven by renewed hopes for spot exchange-traded fund (ETF) approval in the U.S. This marks the largest 24-hour move for ETH in over a year, lifting the entire crypto market.

📈 Market Cap Up: The total market cap rose 8.6% to $2.74 trillion, with Bitcoin (BTC) nearing its all-time high, touching $71,600.

💡 ETF Approval Optimism: Bloomberg analysts James Seyffart and Eric Balchunas raised the approval odds for the first spot ETH ETF from 25% to 75%, with potential approval as soon as May 23. This follows the SEC's request for revised 19b-4 forms by May 21.

📊 Leading Contenders: Ten issuers, including VanEck, BlackRock, Fidelity, and Grayscale, are competing for the first spot Ethereum ETF. VanEck's deadline is May 23, followed by Ark 21Shares on May 24.

🗣️ Expert Commentary: ETF Store President Nate Geraci highlights the significant interest in the crypto and exchange-traded products market.

🔒 Prometheum Launches Custody Service: Crypto trading and custody firm Prometheum launched an Ethereum custody service, treating ETH as a security. This move may be in anticipation of SEC decisions regarding ETH ETFs.

💬 Market Sentiment Shift: Despite initial skepticism, the recent positive sentiment suggests a potential approval for ETH ETFs this week.