Ether (ETH) jumped nearly 20% in 24 hours on rumors that spot Ether ETFs could be approved this week — despite months of pessimism.

According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, there are “rumors” that the US securities regulator is asking candidates to speed up their 19b-4 filings.

This caused the two to raise their approval rate from 25% to 75%.

On Polymarket, a decentralized betting platform, the odds for spot Ether ETF approval also increased from 11% to 56%.

After the news was announced, ETH price was $3,661.39 and increased 19.3% within 24 hours, according to CoinGecko.

Source: Coingecko

This news comes days before the U.S. Securities and Exchange Commission is due to make a final decision on VanEck's Ether spot ETF application on May 23.

However, Seyffart made it clear that approved 19b-4 filings must be accompanied by signed S-1 registration statements for spot Ether ETFs to launch.

He said it could take weeks or even months for S-1s to be signed, even if 19b-4s are approved this week.

“That said, if we are right and we see these theoretical approvals later this week. That should mean S-1 approval is a matter of ‘When’ and not ‘If’…”

The idea that the SEC could approve 19b-4 and S-1 filings in a two-part process was first mentioned by Nate Geraci, president of The ETF Store, on May 19.

Other cryptocurrencies also increased in price over the past 24 hours, including Bitcoin (BTC), Solana (SOL) and Dogecoin (DOGE) 5.1%, 8.9% and 9.2% respectively, according to CoinGecko .

Ethereum-linked coins Uniswap (UNI), Lido DAO (LDO) and Lido Staked Ether (STETH) are the only coins in the top 100 by market capitalization that have outperformed Ether in the past 24 hours, according to CoinGecko.

The broader cryptocurrency market is up 7.8% over the past 24 hours, surpassing a $2.7 trillion market capitalization for the first time since April 11.

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