Ethereum Surges 9% Amid Speculation of SEC Approval for Spot ETFs

On Monday afternoon, the price of Ethereum surged by 9% within minutes due to speculation that the United States Securities and Exchange Commission (SEC) might approve spot Ethereum exchange-traded funds (ETFs). Ethereum's value skyrocketed from $3,143 to $3,428 in about 20 minutes, according to CoinGecko data. As of now, its 24-hour increase stands at 11%, with a current price of $3,410.

Bloomberg analysts Eric Balchunas and James Seyffart have revised their forecast, now believing there is a 75% chance that the SEC will approve ETF applications starting this week. This marks a significant shift from their previous, more pessimistic estimate of 25%.

"Hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us, everyone else assumed they'd be denied)," Balchunas tweeted.