NAIROBI ( — The probability of a Ethereum(ETH) Spot ETF receiving approval has skyrocketed from 25% to 75%, according to senior Bloomberg analyst Eric Balchunas. Reports suggest potential political pressure influencing the U.S. Securities and Exchange Commission’s (SEC) stance. This news sparked an 18% surge in Ether’s (ETH) price, reaching $3,684 within 24 hours.

Eric Balchunas’s post on X

Nate Geraci, co-founder of the ETF Institute and president of the ETF Store, provided insights. He discussed the SEC’s potential approval process. Geraci explained that the regulator might approve exchange rule changes (19b-4s). However, the SEC could delay the approval of individual fund registration statements (S-1s).

This approach allows the SEC more time to examine the risks associated with Proof-of-Stake (PoS) cryptocurrencies like Ethereum. The deadline for VanEck’s Ethereum spot ETF request is approaching on May 23rd.

ETH Price Analysis: Bullish Momentum Ahead

Ethereum‘s price has experienced a notable surge, reaching $3,666.91 with a 17.98% increase in the last 24 hours. This surge has brought its market capitalization to $439 billion, reflecting significant investor interest and trading activity, with a 24-hour real volume of $22.92 billion.

Currently, Ethereum is 25.01% down from its all-time high of $4,867.17, recorded on November 10, 2021. However, it has shown recovery from its cycle low of $885.57 on June 18, 2022, marking an impressive 312.18% increase from that point. This resurgence underscores Ethereum’s strong market position and investor confidence amidst ongoing developments in the crypto space.

ETH/USD 1-day price chart. Source: TradingView
ETH/USD 1-day price chart. Source: TradingView

The recent price movement of Ethereum highlights strong bullish momentum. The ETH USD chart shows a sharp breakout above the resistance level, supported by significant trading volumes. The Relative Strength Index (RSI) has surged past the overbought threshold, indicating robust buying pressure. This suggests that investors are highly confident in Ethereum’s short-term prospects.

Additionally, the Moving Average Convergence Divergence (MACD) histogram reveals a widening gap between the MACD line and the signal line, which is a clear bullish signal. Furthermore, Ethereum has surpassed the upper limit of the Bollinger Bands, suggesting continued upward movement. These technical indicators collectively point to a sustained bullish trend, with potential price targets around the $4,000 mark in the short term.

Spot Ethereum ETF Potential Approval Impact

Approval of a spot Ethereum ETF would be a major milestone for cryptocurrency adoption. It could attract a broader range of investors and potentially drive ETH to new highs. Currently, Ethereum’s price stands at $3,655.75, reflecting a surge due to increased approval odds.

Ethereum rose 19% from $3,408 to $3,719 in the last 24 hours, indicating strong investor confidence. Breaking above the Bollinger Bands suggests bulls now control ETH’s short-term price action.

Exchange Reserve data shows rising selling pressure, but Exchange Netflow Total suggests lower selling pressure compared to the 7-day average.

ETH/USD liqudation. Source: Coinglass

According to, 76,107 traders were liquidated in the past 24 hours, with ETH shorts leading at $80.78 million. The largest single liquidation occurred on Binance, involving an ETH/USDT trade valued at $25.72 million.

The potential approval of the Ethereum Spot ETF could significantly boost ETH’s market position, attracting more investors and enhancing liquidity. This development could pave the way for Ethereum’s price to reach $4,000 and beyond.

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