The cryptocurrency community waits anxiously as the US Securities and Exchange Commission (SEC) remains silent on VanEck’s proposed spot Ethereum ETF. Speculation runs rampant as expectations for a decision grow, with some fearing a bearish outcome. Surprisingly, the SEC has approved all eight ETF applications currently under review, despite earlier doubts.

The approval comes amidst uncertainties and conflicting reports. Prior to the announcement, analysts like Eric Balchunas and James Seyffart expressed optimism, though initial signs pointed to potential rejections. Balchunas hinted at insider information suggesting denials, but the actual decision was kept tightly under wraps until the last moment.

In response to the news, cryptocurrency markets exhibited volatility. Bitcoin experienced a 2.34% decline, trading at $67,770, while Ethereum managed a 2.89% increase to $3,873.74, albeit down from its recent peak. The spotlight remains on Ethereum, poised for potential growth if the SEC’s decision triggers a rally towards its all-time high of $4,891.70, or faces setbacks if rejected, potentially sliding back to support levels near $3,000.

The SEC’s handling of VanEck’s ETF application underscores the regulatory uncertainties surrounding digital assets. As anticipation builds and market reactions unfold, the crypto ecosystem braces for potential impacts on Ethereum's price trajectory.