๐ Ethereum (ETH) Price Surges Toward $4K as Spot ETF Anticipation Builds! ๐
Ethereum's price has been on a tear lately, surging to nearly $4,000 as the market eagerly awaits the launch of spot Ethereum exchange-traded funds (ETFs)[1]. The second-largest cryptocurrency by market cap has seen a wave of bullish sentiment, with some analysts projecting it could climb as high as $4,500 before the ETFs even start trading[1].
DeFiance Capital founder Arthur Cheong believes the market is "underallocated" to Ethereum, citing a poll that shows nearly 50% of respondents have allocated only up to 25% of their portfolios to $ETH . This suggests there is significant room for growth as traditional investors pour money into the cryptocurrency.
The U.S. Securities and Exchange Commission (SEC) recently approved multiple spot Ethereum ETFs, following a series of delays. However, ETF issuers still require SEC approval for their registration statements, creating uncertainty around the exact launch date.
Former SEC Chairman Jay Clayton believes the start of spot ETH ETF trading is "inevitable," but acknowledged there are still some unresolved issues. ๐ค
As of press time, Ethereum is trading at $3,910, up around 3.4% over the last 24 hours and 35% over the last two weeks[1][2]. The price action may have also been influenced by pro-crypto comments from former President and 2024 Republican candidate Donald Trump over the weekend.
With the market eagerly anticipating the launch of Ethereum ETFs, the price of ETH is poised for further gains as institutional money flows into the cryptocurrency. ๐ฐ
