Ether's price has skyrocketed by over 20% to approximately $3,792, driven by speculations that US regulators might greenlight Spot Ethereum ETFs. The unexpected surge has caught traders off guard, as many had anticipated the SEC to either delay or reject the first ether ETF by Thursday.

Adding to the bullish sentiment, Standard Chartered has expressed an 80%-90% confidence level that Ether spot ETFs will be launched in the US this week.

Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered, stated, "After approval, we estimate that spot ETFs will drive inflows of 2.39-9.15 million ether in the first 12 months, equating to roughly $15 billion to $45 billion."

With decision day looming for Ethereum ETFs, all eyes are on the SEC to determine whether it will give the green light.

In a surprising turn, Bloomberg Intelligence analyst Eric Balchunas has significantly raised his prediction for approval to 75%, up from a previous estimate of 25%. Balchunas cited hearsay suggesting a potential policy shift within the SEC, turning what was once deemed a likely rejection into a hopeful approval.

The SEC is expected to announce its decision on some Ether ETF applications this week, a move that analysts and investors previously believed would end in denial.

Meanwhile, Grayscale's Ethereum ETF has surged by 23%, reaching $32.76 per share, signaling growing investor interest in Ethereum-related investment products. This bullish momentum extends beyond Ethereum, with the entire cryptocurrency market experiencing a surge. Bitcoin, for instance, is up 5% and edging closer to the $70,000 mark.

After the arduous journey for spot Bitcoin ETFs to gain approval, analysts were skeptical about the prospects for an Ethereum ETF. However, sentiments appear to have shifted, surprising many in the market.

Leading the charge for spot Ether ETFs are VanEck and ARK Investment Management, with deadlines for SEC decisions set for May 23 and May 24 respectively. These issuers, along with seven others, are seeking approval to launch ETFs directly tracking the price of Ethereum.

This week, Fidelity amended its application for a spot Ether ETF with the SEC, following rumors of a policy shift within the commission, potentially influenced by political factors. Issuers have reportedly been asked to update their applications (19b-4 filings) before progressing further.