Why is Ether (ETH) price up today?

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Ether’s price surge is driven by rising chances of U.S. approval for a spot Ethereum ETF and a DOJ indictment reducing the likelihood of ETH being classified as a security.

The price of Ether (ETH ▲ 3,773$) surged by 24.50% in the last 24 hours to reach around $3,790, its highest level in two months, on May 21. The second-largest cryptocurrency outperformed the broader crypto market whose gains stood around 11%.

The recent surge in Ether's price is driven by two key factors: increasing chances of U.S. approval for a spot Ethereum exchange-traded fund (ETF) and a recent Department of Justice indictment that diminishes the likelihood of ETH being classified as a security.

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