Ethereum ( $ETH ) has experienced a strong price rally, up more than 20% in the past 24 hours. The main driver behind this increase is the anticipation of the SEC approving Ethereum Spot ETFs.

If these ETFs are approved, it would be a major change from previous predictions that they would be rejected. Analysts increased the probability of approval to 75%, from 25% previously. This is based on new information suggesting that the SEC's decision is being influenced by political factors. Observers say the chances of approval for Spot Ethereum ETFs are getting better.

Whales are quite confident in the price increase of ETH

While there will likely be delays in filing S-1 filings to launch ETFs, which could lengthen the process by several months, large investors, known as “whales” Ethereum” has shown strong trust. They recently purchased more than 110,000 ETH, worth about $341 million. This massive investment has contributed to price increases, fueled by rumors of rejection that failed to materialize.

The approval of Ethereum Spot ETFs is seen as a pivotal moment, expected to spur strong growth for Ethereum (ETH) and other altcoins. Some analysts have predicted that positive news about Spot Ethereum ETFs will trigger a bull run in the market. This has caused investors to move from Bitcoin to altcoins in hopes of a bullish trend. This prediction seems to be correct as the market reacted quite positively.

Ethereum price increase is likely to fuel the altcoin bull season

There is belief that Ethereum's price increase could kick off a bull season for altcoins. This is gradually becoming a reality as many altcoins see significant price increases following the strong rise of Ethereum (ETH).