Ethereum prices were trading around $3,678 in Singapore around 9:40 a.m. on Tuesday, maintaining an 8.5% gain from U.S. time, according to Bloomberg. Ethereum is up 61% year to date and is closing in on the market leader. It is reported that Ethereum ETF issuers are meeting with the U.S. Securities and Exchange Commission (SEC). Although the SEC reluctantly accepted spot Bitcoin ETFs in January after a court ruling last year, traders are wary of the possibility of the SEC allowing ETFs that directly hold the token. SEC approval of spot Bitcoin portfolios also depends on the correlation between CME Bitcoin futures and the price of the digital asset, which is considered sufficient to detect fraud and manipulation.