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Ethereum (ETH) recently became the most trending cryptocurrency on social media platforms. This surge in interest coincides with the U.S. Securities and Exchange Commission (SEC) evaluating the approval process for the first spot Ethereum ETF. Additionally, Ethereum whales purchased over 110,000 ETH worth $341 million in the last 24 hours.
What is the Current Price of ETH?
The Ethereum community has focused on the market due to increased whale activity. According to a recent statement by Ali Chart on X, Ethereum whales purchased over 110,000 ETH within 24 hours.
This purchase, worth approximately $341 million, demonstrates strong confidence in the cryptocurrency. Significant whale purchases likely contributed to the recent price increase.
Meanwhile, Ethereum experienced a positive price movement. At the time of writing, it is trading at $3,550, representing a 15% increase. There was also a noticeable increase in trading volume, reaching 185% and totaling $24 billion.
In the last 24 hours, Ethereum’s lowest value was $3,050, while the highest value reached $3,553, indicating a potential for continued growth.
Current Status of the Ethereum ETF
The SEC’s expected decision on the Ethereum ETF significantly impacts current market dynamics. Potential approval of the Ethereum ETF would allow Ethereum to trade on exchanges similar to traditional stocks. Investors and traders are closely monitoring this situation. The SEC is expected to approve both 19b-4s (exchange rule changes) and S-1s (registration statements) to pave the way for the ETF.
Additionally, prominent figures in the ETF space, James Seyffart and Eric Balchunas, made significant statements recently. They increased their ETF approval expectation from 25% to 75%, creating a substantial market impact.
