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Ethereum Jumps 18% Amid Speculation of SEC Approval for Spot ETFs

Ethereum Surges by 18% amid Speculation of SEC Approval for Spot ETFs

The price of ethereum (ETH), the second-largest cryptocurrency by market capitalization, has seen a significant increase of almost 18% against the US dollar. This surge comes as speculation grows about the potential approval of spot ethereum exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC).

On Monday, ethereum reached a peak of $3,691 per coin, prompted by rumors circulating on social media and forums suggesting potential SEC approval of several spot ETH ETFs. Reports have also indicated that exchanges have been instructed to update their filings on an accelerated basis.

Furthermore, analysts from Bloomberg, Eric Balchunas and James Seyffart, have raised their prediction for ETF approval from 25% to 75%. Following this speculation, the price of ETH rose from $3,140 to a high of $3,691 per coin within a few hours on May 20.

Technical indicators for ETH/USD show a mixed sentiment, with most oscillators indicating a lack of strong momentum or overbought/oversold conditions. However, the awesome oscillator and momentum suggest positive signals, reflecting underlying strength. Moving averages consistently signal bullish sentiment across all timeframes, highlighting a sustained upward trend and strong market optimism.

The value of ETH against the US dollar has increased by 17.96%, adding $551 to its price in just a few hours. Ethereum currently holds a 17% dominance within the overall cryptocurrency market, which is valued at $2.58 trillion. Its market capitalization stands at $436 billion.

In terms of trading volume, ETH ranks third, with $26.99 billion traded in the last 24 hours. The most traded pair for ETH at present is the stablecoin tether (USDT), followed by FDUSD, USDC, BTC, and the Korean won.

Within the past day, the Korean won accounted for 1.67% of all ETH swaps. However, as the market rapidly rises, $302.52 million worth of derivative positions were liquidated, with ETH shorts leading the way at $102.78 million liquidated in the past day.

According to metrics from coinglass.com, a total of 76,107 traders were liquidated in the past 24 hours. The largest single liquidation order occurred on HTX, involving an ETH/USDT trade valued at $3.11 million. At the time of writing, a single ETH is being traded at $3,668 per unit.

The substantial rise of ether on Monday has sparked discussions among cryptocurrency enthusiasts. What are your thoughts on this surge? Feel free to share your opinions in the comments section below.