Ethereum (ETH) price is soaring ahead of the Securities and Exchange Commission (SEC) decision regarding the Spot ETH ETF (exchange-traded fund). Investors’ and market watchers’ optimism has increased as the ‘King of altcoins’ surpasses the $3,900 mark.
Some analysts believe this bullish momentum could soon propel ETH’s price above all established price targets.
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Ethereum Soars Amid ETF Approval Expectation
Ethereum, the second-largest cryptocurrency by market capitalization, has seen a significant uptick this week. As rumors of ETH spot ETFs being approved this Wednesday surged, the community’s sentiment towards the asset turned extremely bullish.
Previously, Bloomberg experts had asserted that chances of an ETF approval were slim due to the US government’s crackdown on the industry. However, this week’s U-turn from the Biden administration sparked a positive sentiment that increased the chances to 65-75%.
As a result, Ethereum surged an impressive 30.4% from its price seven days ago. The King of altcoins went from trading just below the $3,000 mark to surpassing the $3,900 resistance level at the time of writing.
The community’s optimistic expectations continue as several US lawmakers urge SEC chair Gary Gensler to approve Ethereum ETFs.
As reported by Eric Balchunas, a bipartisan group of House lawmakers sent a letter on Tuesday to the SEC’s Chair asking for the approval of ETH ETFs “and other digital assets.”
According to the letter, the Congress members believe digital asset-backed ETFs offer “investors a regulated and transparent investment vehicle to gain exposure.” The US lawmakers urged the Commission to “maintain a consistent and equitable approach when reviewing upcoming applications” for other crypto ETFs.
Are Price Targets Too Low?
Ethereum has performed remarkablely over the past few days. ETH has surged 5.6% as the community awaits the SEC’s decision.
As pointed out by several market watchers, ETH’s weekly candle is resting levels not seen since the first half of March. Crypto Yoddha highlighted Ethereum’s historic behavior for the previous all-time high (ATH) runs.
Per the chart, the second-largest crypto asset went through a 700-day accumulation phase before breaking out and starting the bullish run. Similarly, ETH seemingly ended a 700-day accumulation period this cycle, which could lead to a rally…
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