Ether’s price has recently surged by over 20%, reaching around $3,792. This surge is driven by rumors that US regulators might finally approve Spot Ethereum ETFs. Many traders were surprised by this price increase, as most expected the SEC to delay or reject the first Ether ETF by Thursday.

 Standard Chartered’s Bullish Sentiment

Adding to the optimism, Standard Chartered has expressed strong confidence in the approval of Ether spot ETFs. The bank’s analysts believe there is an 80%-90% chance that these ETFs will launch in the US this week. Geoff Kendrick, Head of FX Research and Digital Assets Research at the bank, predicts that the approval could lead to significant inflows of Ethereum. He estimates that in the first 12 months after approval, between 2.39 million and 9.15 million Ether could be purchased through these ETFs. In dollar terms, this could equate to roughly $15 billion to $45 billion.

 Decision Day for Ethereum ETFs

Bloomberg Intelligence analyst Eric Balchunas has also raised his prediction for the approval of Ether ETFs. Previously, he thought there was only a 25% chance of approval, but he has now increased this to 75%. In a recent social media post, Balchunas mentioned hearing that the SEC might be reversing its stance on this issue. This potential policy shift has caused many to scramble and reconsider their previous assumptions of denial.

The US markets regulator is expected to announce its decision on some Ether ETF applications this week. Analysts and investors had largely expected these applications to be denied. However, the current sentiment is much more optimistic, which is reflected in the recent price surge of Ethereum.

 Broader Market Impact

The bullish sentiment is not limited to Ethereum. The entire cryptocurrency market is experiencing a significant upward trend. Bitcoin, for example, has risen by 5% and is nearing the $70,000 mark. This positive momentum is spreading across various cryptocurrencies, indicating a broader market rally.

 The Long Road to ETF Approval

The journey to ETF approval has been a long one. It took nearly a decade for spot Bitcoin ETFs to gain approval. Many analysts were initially pessimistic about the chances of an Ethereum ETF following a quicker path. However, this sentiment appears to have shifted dramatically in recent weeks, surprising many in the market.

 VanEck and ARK Lead the Charge

Now, the SEC is on the clock to decide on the first applications for spot Ether ETFs. Leading the charge are VanEck and ARK Investment Management, with deadlines for the SEC decision set for May 23 and May 24, respectively. These issuers, along with seven others, are seeking approval to launch ETFs that directly track the price of Ethereum.

 Fidelity’s Updated Application

This week, Fidelity made a significant move by amending its application for a spot Ether ETF with the SEC. This update follows rumors of the SEC’s policy shift on these funds, possibly influenced by political factors. The SEC has reportedly asked issuers to update their applications, known as 19b-4 filings, before it moves forward with any decisions.

 Implications for the Market

The potential approval of Ether ETFs could have far-reaching implications for the cryptocurrency market. It would likely lead to increased institutional investment in Ethereum, further driving up its price and market capitalization. The approval would also signal a broader acceptance of cryptocurrencies by regulatory authorities, which could pave the way for similar approvals in the future.

 Conclusion

Ethereum’s recent price surge to over $3,792 highlights the growing optimism around the potential approval of Spot Ethereum ETFs in the US. With major financial institutions like Standard Chartered expressing high confidence and analysts like Eric Balchunas raising their approval predictions, the market is abuzz with anticipation. The SEC’s impending decision could be a significant milestone for Ethereum and the broader cryptocurrency market. As we await the final verdict, the excitement and speculation continue to drive prices upward, reflecting the high stakes and potential for significant market changes.