Understanding: Approval of Ethereum ETF Could Spark a 60% Surge

The cryptocurrency market is abuzz with excitement as the US Securities and Exchange Commission (SEC) approaches its deadline to approve or reject exchange-traded funds (ETFs) for Ethereum. Today, May 23, is one of the final opportunities for the regulator to make a decision. QCP Capital, in a recent broadcast, highlighted that the approval of Ethereum ETFs could lead to a significant price rally of up to 60% in the coming months. This analysis is based on the market’s reaction to the approval of spot Bitcoin ETFs on January 10. QCP stated that with an implied volatility above 100%, the market is anticipating some major movements. They also mentioned that the VanEck ETF, which has been listed by the Depository Trust and Clearing Corporation (DTCC), is a strong indication of the approval being likely. The SEC’s decision is eagerly awaited by investors. At the time of writing, the price of Ethereum was at $3,867.60, showing a 3.8% increase in the last 24 hours. Additionally, the number of Ethereum wallets has surged, reaching a significant milestone. This surge is driven by positive sentiment surrounding ETFs. According to Santiment analysts, the Ethereum price has been soaring in anticipation of SEC approval. Small holders of Ethereum tokens, those with 10 or less ETH, continue to grow and have reached a record of 121.74 million. It is important to note that the views expressed in this article are for informational purposes only and should not be taken as financial advice. Investing or trading cryptocurrencies carries risks.