The world’s second-largest cryptocurrency Ethereum (ETH) made strong moves above $3,700 with more than 10% gains over the past week. As of press time, the ETH price is up by 8% trading at $3,704 with a market cap of $444 billion. At its current price, Ethereum is already trading 61% up since the beginning of the year.
ETH Price Rallies With Ethereum ETF Expectations
Ether has recently captured the cryptocurrency spotlight with its most significant surge in over a month, driven by speculation surrounding the potential approval of applications for US exchange-traded funds (ETFs) for the token.
Traders are closely monitoring the situation, anticipating a potential rally in Ether’s price if the Securities and Exchange Commission (SEC) permits spot Ethereum ETFs directly holding the token. Major investment firms like BlackRock Inc. and Fidelity Investments have submitted applications for such funds, but uncertainties persist regarding regulatory approval.
Similarly, the SEC’s decision
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