After years of waiting, rejections, and delays, the United States Securities and Exchange Commission finally approved numerous spot Bitcoin ETFs in 2024, positively impacting Bitcoin's price due to increased demand from traditional investors.

Various companies in the cryptocurrency industry, like Blackrock and Fidelity, have applied for ETFs following Bitcoin's example. While there were expectations for the SEC to approve all Spot Ethereum ETF applications in May 2024, recent reports suggest a slowing down in the approval process.

The SEC's approval of Bitcoin ETFs contrasted with the regulatory hurdles Ethereum ETFs may face, as organizations wait for final decisions in May. The speculation on the success rate of Ethereum ETFs compared to Bitcoin ETFs continues in the community, questioning how approval would impact Ethereum's price.

With the potential approval of an Ethereum ETF, there could be a considerable positive upside in Ethereum's price driven by increased accessibility for both retail and institutional investors. The approval could mark Ethereum's institutionalization, attracting stable and long-term investment and establishing regulatory clarity for further growth.

Currently priced at $3,502.58, Ethereum is showing a 4.91% decline, with technical indicators signaling a bullish market sentiment of 89%. The Fear & Greed Index displays a score of 75, but if the Ethereum ETF is approved, it could significantly impact the crypto market in 2024.