Through the first five months of 2024, Ethereum (CRYPTO: ETH) has been one of the top-performing major cryptocurrencies. It is now up 70% year to date, which is even better than Bitcoin (CRYPTO: BTC), which is up 62%. At a price of nearly $4,000, Ethereum is within striking distance of the all-time high of $4,891 that it hit during the previous crypto rally.

There's even more good news. Investors are excited about a new catalyst that they think could send the crypto skyrocketing. But are they overstating the bullish case for Ethereum?

The new catalyst, of course, is the Securities and Exchange Commission's (SEC) recent change of stance on spot Ethereum ETFs. On May 23, the SEC reversed its previous position and ruled that such ETFs would be allowed to trade on traditional exchanges in the future. So we know they are coming. But, as of yet, no spot Ethereum ETF applications have been officially approved by the SEC.

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Source Fool.com