The approval of spot ETFs on Ethereum (ETH) is poised to revolutionize the cryptocurrency landscape, attracting a new wave of retail investors to the Web3 ecosystem. According to veteran investor Arthur Cheong, the decentralized technology layer powering Web 3.0, Ethereum (ETH), will excite retail investors, drawing parallels to the 2017 crypto run that introduced blockchain assets to the masses.

Cheong, the CIO and co-founder of Asian VC firm DeFiance Capital, believes that the approval of exchange-traded products on spot Ethereum (ETH) will resonate with retail investors, much like the narratives of Ethereum (ETH) and XRP did in 2017. Ethereum (ETH) played a pivotal role in introducing newcomers to cryptocurrency, and its status remains undisputed in the Web3 scene.

The excitement around ETH ETFs is palpable, with over 70% of spot Bitcoin ETF positions held by retail investors. The operators of potential Ethereum spot ETFs are expected to aggressively promote the new products to the retail audience. While the technology and Ethereum (ETH) itself have undergone significant changes in the last seven years, its importance remains unchanged.

The US SEC's approval of 19b-4s requests for Ether ETFs' launch marks a crucial milestone, although the most critical S-1s forms are yet to be authorized by the regulator. Despite the interim approval, Ethereum's price has demonstrated a pale performance, dropping from $3,830 to $3,670 immediately post-approval.

As of now, Ether is changing hands at $3,743 on major spot exchanges, adding 0.89% in the last 24 hours, underperforming compared to the market's benchmark of 1.9%. The most interesting developments for Ethereum ETF enthusiasts are yet to come, and the price of Ether is expected to react positively once the S-1s forms are authorized.

In conclusion, the approval of spot ETFs on Ethereum (ETH) is a significant development that will attract a new cohort of retail investors to Web3. With its decentralized technology layer powering Web 3.0, Ethereum (ETH) is poised to excite retail investors, much like it did in 2017. As the Web3 ecosystem continues to evolve, the importance of Ethereum (ETH) remains unchanged, and its potential for growth is undeniable.