Investor Anticipation of ETF Approvals Drives Surge in Ethereum Demand

Earlier this week, there was a remarkable surge in the value of Ethereum, with its price skyrocketing by 25% in just two days and surpassing $3,900. This was the highest level Ethereum had reached since mid-March. The sudden rise in value was largely attributed to the analysis provided by Bloomberg ETF analysts, who influenced market experts to significantly increase the odds of the SEC approving the funds. The likelihood of approval was raised from a mere 25% to a much more promising 75%. Additionally, CryptoQuant reported that the Ethereum price experienced further upward pressure due to increased investment in the perpetual futures market and the unwavering support from dedicated holders of the cryptocurrency. Stay up-to-date with the latest technology news by visiting NEWSLINKER.