THE CALM BEFORE THE STORM
The United States Securities and Exchange Commission (SEC) will rule on VanEck's spot Ethereum ETF application today. Ahead of this decision, the cryptocurrency market is trending higher on the spot Ethereum ETF agenda. Ethereum (ETH) is hovering above $3,700, while Bitcoin (BTC) is trading below $70,000.
With the approval of spot Bitcoin ETFs, attention turned to spot Ethereum ETFs. Major issuers such as VanEck, BlackRock and Fidelity have applied for spot Ethereum ETFs. Although the applications were initially predicted to be rejected, the probability of approval has increased to 75 percent in recent weeks, and issuers have updated their applications in accordance with the SEC's requests.
ETH followed a calm course while waiting for the SEC's final decision. Analysts predict that the ETH price could reach $4,000 if approval is granted.
