The Ethereum (ETH) price is trading choppy in late Thursday trade as in wake of news dropping that the US SEC has approved spot Ethereum ETFs, a spectacular u-turn that has shocked the market that, up until one week ago, was betting that Ethereum ETFs would be rejected this week
The Ethereum price was last trading around $3,800. That’s down sharply from earlier session highs near $4,000, but also up sharply from earlier session lows at $3,520.
On the week, the Ethereum price is up 24%. Rumors of an SEC u-turn first started on Monday
In the subsequent days, this was followed up by a flurry of engagement between ETF issuers and the SEC.
All the while, traders aggressively bid up the Ethereum price on bets that ETFs will foster ecosystem growth.
Everything culminated on Thursday when the SEC approved 8 spot Ethereum ETFs