Over the past 24 hours, Ethereum (CRYPTO: ETH) surged more than 25%, rising from just $3,000 to more than $3,700 at one point. This bullish momentum is primarily driven by growing anticipation surrounding the potential approval of a spot Ethereum exchange-traded fund (ETF), a development that could have profound implications for the broader cryptocurrency market.

For a long time, the approval of an Ethereum ETF seemed like a distant possibility. Many analysts and market participants believed that the Securities and Exchange Commission (SEC) wouldn't greenlight such an ETF, as they believed it to be a security and not a commodity like Bitcoin (CRYPTO: BTC), which received its own spot ETF approval in January this year.

However, sentiment has shifted dramatically. Rumors are swirling that the SEC has requested several applicants to expedite their revisions to their 19b-4s. These applications, which are essential for listing new ETFs, must be corrected, allowing for the final approval with an S-1 application and thereby pave the way for the ETFs to start trading.

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Source Fool.com