Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has seen a significant surge in value against the U.S. dollar, rising by almost 18%. This increase is attributed to speculation surrounding the potential approval of spot ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
On Monday, the price of ethereum (ETH) reached a peak of $3,691 per coin, fueled by rumors circulating on social media and forums regarding the SEC’s approval of multiple spot ETH ETFs. According to a report by Coindesk, several sources revealed that exchanges were allegedly instructed by the SEC to expedite their 19b-4 filings.
Furthermore, Bloomberg analysts Eric Balchunas and James Seyffart revised their approval predictions from 25% to 75%.
As a result of this speculation, the price of ETH experienced a significant increase, rising from $3,140 at 3 p.m. Eastern Time (EDT) on May 20 to a high of $3,691 per coin by 6:30 p.m. EDT.
When analyzing the oscillators for ETH/USD, it is observed that sentiment is mixed. Most oscillators are neutral, indicating a lack of strong momentum or overbought/oversold conditions. However, the awesome oscillator and momentum suggest positive signals, reflecting underlying strength. On the other hand, moving averages (MAs) consistently indicate bullish sentiment across all timeframes, highlighting a sustained upward trend and strong optimism in the market.
ETH has appreciated by 17.96% against the U.S. dollar, gaining $551 in value within the past few hours. Ether currently holds a dominance of 17% within the $2.58 trillion cryptocurrency market, with an overall market valuation of $436 billion.
In terms of trade volume, ETH ranks third for the day, with $26.99 billion traded in the last 24 hours. The most traded pair for ETH today is the stablecoin tether (USDT), followed by FDUSD, USDC, BTC, and the Korean won. The Korean won accounts for 1.67% of all ETH swaps in the past day. With the market experiencing rapid growth, $302.52 million in derivatives positions were liquidated, with ETH shorts leading the way at $102.78 million liquidated in the past day.
According to metrics from coinglass.com, 76,107 traders were liquidated in the past 24 hours. The largest single liquidation order occurred on HTX, with an ETH/USDT trade valued at $3.11 million. At the time of writing, at 8:05 p.m. EDT on Monday, a single ETH is being exchanged for $3,668.
What are your thoughts on the significant rise of ether on Monday? Share your views on this subject in the comments section below.
