The Ethereum {{ETH}} price, already slightly higher during U.S. trading hours on Monday, jumped more than 10% after two well-followed Bloomberg ETF analysts greatly raised the possibility that the U.S. Securities and Exchange Commission would approve spot ETH ETFs.

“James Seyffart and I are putting our odds of getting Ether ETF approval at 75% (up from 25%), we’re hearing rumors this afternoon that the SEC might do a 180 on this (an increasingly political issue), so now everyone is scrambling Everyone else (like us) assumed they would be rejected),” Bloomberg Senior ETF Analyst Eric Balchunas tweeted.

Things are looking up for Spo#ethereumETFconfirmations this week. We increase our chances to 75%. https://t.co/3WJ8kx9d8k

— James Seyffart (@JSeyff) May 20, 2024

The SEC this week faced a series of deadlines on ETF approvals/rejections after delaying decisions on the funds several times.

Bitcoin {{BTC}} is contributing to gains alongside ETH's advance; It is currently up more than 5% and remains just below the $70,000 level.

This is a developing story. Please check back for updates.

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