The value of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has grown by nearly 18% against the U.S. dollar due to speculation that the U.S. Securities and Exchange Commission (SEC) may approve certain spot ether exchange-traded funds (ETFs).
Market Buzz Lifts Ethereum to $3,691
On Monday, Ethereum (ETH) reached an intraday peak of $3,691 per coin amid swirling social media and forum rumors about the potential SEC approval of several spot ETH ETFs. According to a report by Coindesk, three sources informed the publication that exchanges were allegedly instructed by the SEC to update their 19b-4 filings “on an accelerated basis.”
Additionally, Bloomberg analysts Eric Balchunas and James Seyffart raised their approval predictions from 25% to 75%. ETH surged from $3,140 to $3,691 per coin in just three hours on May 20.
The oscillators for ETH/USD show a mixed sentiment: most are neutral, indicating a lack of solid momentum or overbought/oversold conditions, while the awesome oscillator and momentum suggest positive signals, reflecting underlying strength. Moving averages (MAs) consistently indicate a bullish sentiment across all time frames, reflecting a sustained upward trend and strong market optimism.
ETH has surged 17.96% against the US dollar, increasing by $551 recently. Ether holds a 17% dominance in the $2.58 trillion cryptocurrency market, with a total market value of $436 billion.
It commands the third-highest trade volume of the day, with $26.99 billion traded in the last 24 hours. Today, ETH’s most traded pair is the stablecoin Tether (USDT). Following USDT are FDUSD, USDC, BTC, and the Korean won.
In the past day, the win accounted for 1.67% of all ETH swaps. With the market rapidly rising, $302.52 million in derivatives positions were liquidated. ETH shorts led the way, with $102.78 million liquidated yesterday.
According to coinglass.com metrics, 76,107 traders were liquidated in the past 24 hours. The largest single liquidation order occurred on HTX with an ETH/USDT trade valued at $3.11 million. At the time of writing, at 8:05 p.m. EDT on Monday, a single ETH is changing hands for $3,668 per unit.
Summary
The value of Ethereum (ETH), the second-largest cryptocurrency by market cap, jumped almost 18% against the U.S. dollar. This surge was driven by speculation that the U.S. Securities and Exchange Commission (SEC) might approve several spot ether exchange-traded funds (ETFs). ETH hit a daily high of $3,691 due to these rumors, boosted by market optimism and analysts’ updates. While technical indicators were mixed, most suggested a bullish trend. ETH’s market dominance and trading volume were significant, with a lot of derivatives positions being liquidated in the past 24 hours because of the price rise.
FAQs
1. Why did the value of Ethereum (ETH) increase?
- The value of Ethereum increased due to speculation that the U.S. Securities and Exchange Commission (SEC) might approve several spot ether exchange-traded funds (ETFs).
2. How much did Ethereum’s value increase?
- Ethereum’s value increased nearly 18% against the U.S. dollar.
3. What was Ethereum’s intraday peak value?
- Ethereum reached an intraday peak of $3,691 per coin.
4. What technical indicators are showing about Ethereum’s trend?
- The oscillators for ETH/USD are mostly neutral, while moving averages consistently signal a bullish sentiment, indicating a sustained upward trend and market optimism.
5. How much market dominance does Ethereum have?
- Ethereum has a market dominance of 17% in the $2.58 trillion cryptocurrency market.
6. What was the trade volume for Ethereum in the last 24 hours?
- Ethereum had the third-highest trading volume of the day, with $26.99 billion traded in the last 24 hours.
7. What were the most traded pairs with Ethereum?
- The most traded pair with Ethereum was the stablecoin Tether (USDT), followed by FDUSD, USDC, BTC, and the Korean won.
8. How many traders were liquidated in the past 24 hours?
- A total of 76,107 traders were liquidated in the past 24 hours.
9. What was the value of the largest single liquidation order?
- The largest single liquidation order took place on HTX with an ETH/USDT trade worth $3.11 million.
10. What was the price of Ethereum at 8:05 p.m. EDT on Monday?
- At 8:05 p.m. EDT on Monday, a single ETH was valued at $3,668 per unit.