Ethereum with Significant Rise

In the last 24 hours, the price of Ethereum has witnessed a significant rise, as it is currently trading at the level of $3,700, up by 20%.

The rise in price comes after the enthusiastic or positive atmosphere revolving around Ethereum and the possibility of approval of the Ethereum ETF by the SEC, increasing the approval rate more than ever before.

Eric Balchunas, a senior analyst at Bloomberg, raised the odds of Ethereum ETF approval from 25% to 75%.

The analyst pointed out that the US Securities and Exchange Commission's acceleration in approving the Ethereum ETF may be a result of the political pressures the agency faces, as its previous position showed little engagement with applicants.

Balchunas also stated that the SEC appears to be urging exchanges such as the New York Stock Exchange and Nasdaq to review their filings, although there is no official confirmation from the regulator.

Meanwhile, Nate Geraci, co-founder of the ETF Institute, noted that a final decision on registration requirements for individual funds (S-1) is still pending.

According to Mr. Geraci, the SEC could accept exchange rule amendments (19b-4s) independent of the fund's S-1 registration, which would likely be delayed beyond the May 23 Ethereum ETF application deadline.