The second largest cryptocurrency by capitalization tested the $2,600 level, reaching the levels of early May 2022.
At the time of writing, the asset is trading around $2,580. The local maximum on the Binance exchange in the ETH/USDT pair is $2643.
The price of Ethereum has increased by 8.45% over the past 24 hours. The asset's market capitalization reached $310.8 billion, according to CoinGecko.
Some market experts are convinced that the SEC will soon give the green light to spot Ethereum ETFs. The day before, the Commission approved 11 applications for a similar product based on the first cryptocurrency.
“A new deadline to obsess over has just passed. May 23rd is the final deadline for a decision on the VanEck spot Ethereum ETF,” wrote Reflexivity Research co-founder Will Clement, attaching a list of applicants to the post.
Bloomberg analyst Eric Balchunas estimates a 70% chance of new products being approved in late spring.
Ethereum futures ETFs have been trading on the American stock market since October last year. Their launch on the Chicago Mercantile Exchange (CME) went off without much fanfare.
Let us recall that in October, an analyst at Standard Chartered predicted that Ethereum would grow to $8,000 by the end of 2026.
