In a rapid and unexpected turn of events, the price of Ethereum skyrocketed by 9% within a matter of minutes on Monday afternoon. Speculation from analysts has emerged suggesting that the United States Securities and Exchange Commission (SEC) may approve spot Ethereum exchange traded funds (ETFs) this week, leading to the surge in Ethereum's value.

According to data from CoinGecko, Ethereum's price experienced a quick jump from $3,143 to $3,428 during the 20-minute period. As of now, the cryptocurrency has seen a 24-hour increase of 11% based on its current price of $3,410.

Analysts Eric Balchunas and James Seyffart from Bloomberg, who previously held a bearish outlook, now express a 75% belief that the SEC will grant approval for ETF applications starting this week. This marked a significant shift from their earlier estimation of only a 25% chance of approval.

In a tweet, Balchunas commented on the situation, stating, "Hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us, everyone else assumed they'd be denied)."

It is important to note that this story is still developing, and further details will be provided as they emerge.

Disclaimer: The author's views and opinions expressed are solely for informational purposes and should not be considered as financial, investment, or any other form of professional advice.

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