Renewed Optimism Drives Surge in ETH Price

Cryptopolitan reports that the value of Ethereum has recently surged alongside increasing optimism about the potential approval of a spot Ethereum ETF in the US.

The sudden shift towards bullish sentiment is debated among experts, but there is a clear consensus: regulatory approval for an Ethereum ETF would be a monumental development for the crypto market.

VanEck, an asset manager, has filed the first spot ETH ETF application with the SEC, with a decision expected on May 23. Mike Novogratz, CEO of Galaxy Digital, emphasizes the dramatic changes in Washington in the last 24 hours, which have significantly altered the landscape.

“If this SEC attitude change is politically driven, it’s a big shift. If that’s really the case, prices will be much higher from here,” Novogratz said.

Joe Lubin, co-founder of Ethereum and Founder of Consensys, predicts a flood of demand for Ether, leading to supply scarcity and higher prices.

Lubin highlights that institutions already exposed to Bitcoin ETFs are likely to diversify into Ethereum once its spot ETF is approved.