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ETH price sees surge as Ether ETF prospects improve
Recent developments in the Ethereum market have led to a surge in the price of Ether (ETH).
Key points:
- Approval of a spot Ether ETF by the SEC by May 31, 2024 could drive the price of ETH to $10,000.
- The open interest in Ethereum futures has reached an all-time high, reflecting increased investor interest.
- Ether ETFs would function similarly to any other ETF, tracking the price of ETH.
The price of Ether rose more than 20% on Tuesday before giving back some of the gains. The price jump appears to be related to improved odds of an Ether ETF being approved by the US Securities and Exchange Commission (SEC). The open interest in Ethereum futures has also reached an all-time high, reflecting a surge in investor interest.
If approved, an Ether ETF would make it easier for investors to gain exposure to Ethereum without having to purchase the underlying cryptocurrency directly. This could lead to a significant increase in demand for ETH, and could drive the price up to $10,000 or more.
However, it is important to note that the SEC has not yet approved an Ether ETF. The agency has been reviewing several applications for Ether ETFs, but has not yet made a decision. It is possible that the SEC could delay approval until 2025 or later.
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