The price of Ethereum (ETH) is experiencing a significant surge following a noteworthy change in perspective from two Bloomberg analysts regarding the potential approval of an Ethereum ETF by the U.S. Securities and Exchange Commission.

Eric Balchunas and James Seyffart have revised their assessment, increasing the likelihood of a spot Ethereum ETF approval from 25% to 75%. They attribute this change to a perceived shift in the SEC’s stance on the matter.

Eleanor Terrett, a journalist from Fox Business, also reports hearing indications of a reversal in the SEC’s position.

The cryptocurrency industry has recently garnered increased attention in the political arena. Former President Trump positioned himself as the preferred candidate for crypto advocates, while Democrats defied President Biden’s veto threat concerning SEC-related crypto legislation.

As a result of this news, the price of ETH has soared from $3,143 to $3,676 within a matter of hours.

The broader crypto market is currently experiencing a Monday rally, with Bitcoin (BTC) rising from $66,800 at the beginning of the day to $71,248 at the time of publication.

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