Ethereum's price jumped by 20% in 24 hours between Monday and Tuesday, reaching a two-month high.
Bloomberg analysts, Balchunas and Seyffart bumped up the odds of an Ether ETF approval to 75% (from 25%), because of political pressure on the SEC.
The ETF news sparked renewed investor confidence, with whales accumulating more than 300 million worth of ETH in 24 hours
An ETF approval could be a tipping point for a wider range of crypto acceptance and further price increases.
Donald Trump's pro-crypto stance as a presidential candidate adds to the positive outlook, in case he wins and keeps his word
The crypto market shook to its core between Monday and Tuesday this week, as Bitcoin broke above the $70,000 zone and Ethereum's price jumped to its highest point in the last two months.
Ethereum is the top performer by far
The focus, mainly, is on Ethereum, considering how soundly it is beating the rest of the “top 10” cryptocurrencies, its “almost overnight” rally from less than $3,200 to $3,700, and its fresh new sentiment regarding the approval of the Ether ETFs.
On Monday, 20 May, EThereum’s price skyrocketed by around 20%, following a tweet from senior ETF analyst, Eric Balchunas.
The bump up in the odds of an ETF approval
In the tweet, Banchunas stated that he and James Seyffart, another seasoned ETF analyst have upgraded the odds that we see an ETF approval from a meagre 25% to an impressive 75%.
Balchunas noted that this bump-up came as a result of the SEC likely succumbing to political pressure, and reconsidering its stance on Ether and crypto in general, in light of the upcoming ETF approval.
According to Balchunas, the SEC might also be pushing for major exchanges like the New York Stock Exchange and the Nasdaq to revise their filings, to better accommodate possibly approved ETFs.
The news of better ETF approval odds has also introduced a new wave of bullish sentiment into the market, causing speculation and a crypto gold rush, as outlined by Ali in this tweet.
Ethereum whales at it again
Ali emphasized that in the last 24 hours, the Ethereum whales bought over 110,000 $ETH, all of which was worth around $341 million.
Bitcoin investor, Anthony Pompliano also noted that the approval of these ETFs might be "the last dam" to be broken because if an Ethereum ETF is approved, it might open the floodgates for more approvals across the entire industry.
“If they approve the Ethereum ETF, they are approving the entire industry.
This is the last dam to be broken.”
Meanwhile, Donald Trump, the Republican candidate for the US presidency has been actively courting the crypto community, all but reassuring investors of a safe haven for crypto in the US.
Trump is fine with crypto
In all, the stars seem to be aligning for one of the most volatile crypto bull runs between now and 2025, considering the incoming market-wide ETFs, the welcoming environment for crypto in the US if Trump keeps his word and the incoming post-halving bull run.
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