ETH price gained 25% off mere rumors, but Ethereum derivatives data suggests that Ether could see even more upside.
Ether (ETH) price surged 25% between May 20 and May 21, reaching a nine-week high of $3,840. However, the altcoin encountered resistance, despite growing confidence in the approval of a U.S. spot Ether exchange-traded fund (ETF) by the May 23 deadline. This is when regulators will decide on the application from asset manager VanEck. Traders are now pondering if the stabilization around $3,750 suggests that the Ether ETF approval is already factored into the price.
Analysts have increased their approval expectations after the U.S. Securities and Exchange Commission (SEC) reportedly reached out to the NYSE and Nasdaq to update their 19b-4 filings for the proposed spot Ether ETFs. Crypto lawyer Jake Chervinsky pointed out that this sudden interest from the regulator likely stems from political motives, as U.S. President Joe Biden may wish to appeal to cryptocurrency supporters.
However, there is still no official word from the SEC, which plans to vote on the issue with a panel of five commissioners. Two of them are notably pro-crypto: Hester Peirce and Mark Uyeda. On the other hand, Caroline Crenshaw is known as the SEC's most vocal critic of the cryptocurrency sector, especially for its inadequate regulation and the risks of fraud and manipulation.
