Analysts name the reasons for the sharp growth of the Ethereum cryptocurrency by 8%

The 8% increase in the main altcoin Ethereum’s price was the largest in the last month. This jump is due to speculation about potential US exchange-traded funds (ETFs) for Ethereum, which has sparked an intense discussion among members of the cryptocurrency community.

At the time of writing, Ethereum is trading at $ 3691, up 7.9% overnight. Since the beginning of the year, it has risen by 62%, almost approaching the 68% growth of bitcoin.

Recently, proponents of Ethereum ETFs have begun working with the U.S. Securities and Exchange Commission (SEC), indicating a change in the regulatory atmosphere. The traditionally cautious SEC demonstrated openness by approving spot bitcoin ETFs after a court ruling was overturned last January. Since then, these ETFs have attracted $ 59 billion in assets, demonstrating the potential of the market for regulated cryptocurrency investments.

Ethereum’s rise has led to speculation about a future rally. Heavyweights such as BlackRock and Fidelity Investments have filed applications to create Ethereum ETFs. However, the SEC’s final decision remains uncertain.

ETF analyst Eric Balchunas expressed skepticism, citing the SEC’s reluctance to comment on ETF applications. «It's certainly interesting, but it doesn’t change our chances. As we’ve said before, we need the SEC to comment on the filings (the „critical feedback“ he mentions), and that’s still not happening, even personally they’re not offering anything. Silence is violence,» Balchunas said.