The price of Ethereum (ETH) has risen 16% in the past week as investors shift their focus to the likelihood of spot Ether exchange-traded funds (ETFs) being approved this summer.
Ethereum posted its first winning week in three and its best week since March 2023 as cryptocurrency bulls rotate into Ether and out of Bitcoin (BTC) after regulators approved spot Bitcoin ETFs for the American market.
Ethereum is now trading at its highest level since May 2022.
The U.S. Securities and Exchange Commission (SEC) is due to render a decision on spot Ethereum ETF applications starting in May of this year.
BlackRock (BLK), Invesco (IVZ) and Ark Invest are among the firms seeking approval to launch Ethereum ETFs in the U.S.
Analysts say approval of the Ethereum ETFs is almost certain now that a precedent has been set with the approval of Bitcoin ETFs.
Anticipation of the ETF approvals had driven the price of Bitcoin up more than 60% in the last three months.
However, since the SEC approved 11 Bitcoin ETFs on Jan. 11, the price of Bitcoin has dropped 7% to trade at $42,600 as investors now turn their attention to Ethereum.
Ethereum is currently trading at $2,500 U.S., having gained 64% in the last 12 months.
