SEC to Decide on First Spot Ethereum ETF Approval by May 23rd, ETH Trading at $3,400

May 20, 2024, 07:49 PM

The U.S. Securities and Exchange Commission (SEC) is expected to make a decision on the approval of the first spot Ethereum (ETH) Exchange Traded Fund (ETF) by May 23, 2024, with another deadline on May 24th. Coinbase estimates a 30-40% chance of approval, while market predictions on Polymarket place the odds at around 16%, with some analysts increasing the odds to 75%. The final decision will affect applications from VanEck and ARK Invest/21Shares. Analysts predict significant volatility in Ethereum prices leading up to the decision, with potential price movements of +/-4.8%. If approved, the ETF could lead to a substantial increase in Ethereum's price, with estimates suggesting ETH could reach $4,000 or higher. The approval is seen as a pivotal moment for the crypto market, potentially signaling a shift in U.S. crypto policy, influenced by political pressure from the Biden administration, and opening the door for other crypto ETFs. Currently, ETH is trading at $3,400.