Following the U.S. Securities and Exchange Commission's (SEC) recent approvals of spot Ethereum (ETH +1.64%) exchange-traded funds (ETFs), Ethereum experienced a modest price increase over the past 24 hours. As of 4 p.m. ET (20:00 UTC) on Friday, Ethereum traded at $3,740, marking a 1.76% rise. In comparison, Bitcoin saw a more significant gain of 3.33%, reaching $69,062 after a previous day's decline of 2.35%, according to The Block Prices.

This trend indicates that optimism surrounding spot Ethereum ETFs is providing a buoyant effect on Ether, helping it withstand the broader crypto market's recent downturn. Traders are capitalizing on this enthusiasm. Following the approval of eight spot Ether ETF listings on Thursday afternoon, Ethereum saw $80.3 million in long liquidations, as reported by crypto data tracker Coinglass. A long position involves buying an asset with the expectation of selling it at a higher price in the future.

The positive regulatory news has also benefited other sectors of the crypto space. Uniswap, for instance, recorded a daily trading volume of $5.52 billion, a surge of 94.91% in the past 24 hours following the SEC's decision, according to DeFiLlama.

Chris Donovan, COO of NEAR Protocol, highlighted the broader implications of the Ethereum ETF approvals for the crypto industry. "The approval is a strong validation of the crypto industry as a whole and could mean we see significant and better demand coming into the crypto market," Donovan stated to The Block.

He emphasized that this marks a significant shift in the U.S. administration's historically hostile stance towards the crypto industry. "It's been an enormous shift in momentum in a short period of time and an indication that the U.S. administration is changing its attitude towards crypto and crypto assets. There is a lot of excitement for this approval and that trading can begin," Donovan added.

While the excitement is palpable, it may take weeks or even months for Ethereum ETFs to officially begin trading. Nonetheless, the recent approvals signify a promising development for Ethereum and the wider cryptocurrency market, indicating a potential shift in regulatory attitudes and opening the door for increased mainstream adoption.