Ethereum

Rally

Spot

<p>The world’s second-largest cryptocurrency, Ethereum (ETH), has experienced a robust bullish surge, gaining 20% in the past 24 hours. This rally comes amid increasing optimism for the approval of a spot Ethereum ETF.</p> 
<h3 id="ethereum-eth-price-rally-to-4-000">Ethereum (ETH) Price Rally to $4,000</h3> 
<p>As of press time, the <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener">Ethereum (ETH) price</a> is trading 19.64% up at $3,692 with a market cap of $443 billion. With this, ETH has extended its weekly gains to more than 25%. On the other hand, the daily trading volume for ETH has also skyrocketed by a staggering 264% to over $36.24 billion.</p> 
<p>This happened as the U.S. SEC pushed the issuer to update their 19b-4 filings for spot <a href="https://coingape.com/spot-ethereum-etf-sec-pushes-exchanges-for-update-on-19b-4-filings/" target="_blank" rel="noopener">Ethereum ETF</a> on Monday.&nbsp; Until last weekend, market analysts were not hopeful of the SEC’s nod for a spot Ethereum ETF. This was specifically due to the lack of communication between the SEC and the issuers.</p> 
<p>However, after yesterday’s developments, market analysts have increased the odds of a spot <a href="https://coingape.com/spot-ethereum-etf-bloomberg-analysts-raise-approval-odds-to-75/" target="_blank" rel="noopener">Ether ETF</a> approval from 25% earlier to now at over 75%. Popular crypto analyst Michael van de Poppe noted:</p> 
<blockquote>
 <p>“The chances of denial on the spot Ethereum ETF have decreased by a mile. Perhaps there’s a delay, but the chances of an approval before August is significant. The bull market is here”.</p>
</blockquote> 
<p>The first decision over the VanEck spot Ethereum ETF will come by&nbsp; Thursday, May 23. Thus, we can expect some price volatility to continue going further. Any positive development can further steer the Ether price all the way to $4,000 and above.</p> 
<h3 id="eth-whales-back-in-action">ETH Whales Back In Action</h3> 
<p>The <a href="https://coingape.com/ethereum-is-top-trending-asset-amid-sec-eth-etf-buzz-and-341m-whale-buys/" target="_blank" rel="noopener">Ethereum whales</a> are back in action as they have scooped 110,000 ETH worth a staggering $341 million in the last 24 hours.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><a rel="nofollow" href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> whales bought over 110,000 <a rel="nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> in the past 24 hours, worth around $341 million! <a rel="nofollow" href="https://t.co/45mqxyqVu0">pic.twitter.com/45mqxyqVu0</a></p> 
 <p>— Ali (@ali_charts) <a rel="nofollow" href="https://twitter.com/ali_charts/status/1792570190783255039?ref_src=twsrc%5Etfw">May 20, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Also, the ETH/BTC pair has been on a sharp rise, despite the strong rally in Bitcoin. As a result, some market players have started exchanging their Bitcoins for Ethereum.</p> 
<p>As the odds of spot Ethereum ETF approval increase, investor James Fickel (@jamesfickel) has borrowed 350 WBTC ($25 million) from Aave, converting it into 6,905 ETH to long the ETH/BTC trading pair. Fickel has maintained a long position on ETH/BTC since the launch of the Bitcoin ETF on January 10.</p> 
<p>To date, Fickel has borrowed a total of 2,741 WBTC ($150.3 million) from Aave, exchanging it for 50,693 ETH at a rate of 0.05408.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">As the <a rel="nofollow" href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw">#SEC</a> requires exchanges to expedite the update of 19B-4 documents on <a rel="nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> <a rel="nofollow" href="https://twitter.com/hashtag/ETFs?src=hash&amp;ref_src=twsrc%5Etfw">#ETFs</a>, the probability of approval of <a rel="nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> <a rel="nofollow" href="https://twitter.com/hashtag/ETFs?src=hash&amp;ref_src=twsrc%5Etfw">#ETFs</a> has greatly increased.</p> 
 <p>James Fickel(<a rel="nofollow" href="https://twitter.com/jamesfickel?ref_src=twsrc%5Etfw">@jamesfickel</a>) continued to borrow 350 <a rel="nofollow" href="https://twitter.com/search?q=%24WBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WBTC</a>($25M) from <a rel="nofollow" href="https://twitter.com/hashtag/Aave?src=hash&amp;ref_src=twsrc%5Etfw">#Aave</a> and exchanged it for 6,905 <a rel="nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> to go long the… <a rel="nofollow" href="https://t.co/IYFmQyHVIP">pic.twitter.com/IYFmQyHVIP</a></p> 
 <p>— Lookonchain (@lookonchain) <a rel="nofollow" href="https://twitter.com/lookonchain/status/1792751619580567886?ref_src=twsrc%5Etfw">May 21, 2024</a></p>
</blockquote> 
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<p>The post <a href="https://coingape.com/ethereum-eth-price-eyes-4000-as-odds-of-spot-ether-etf-improve/">Ethereum (ETH) Price Targets $4,000 As Odds of Spot Ether ETF Improve</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Ethereum (ETH) Price Targets $4,000 As Odds of Spot Ether ETF Improve

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