ETH Surges 6.46% to $2,954 as Spot ETF Approval and On-Chain Activity Drive $41B Volume

Ethereum (ETH) has experienced a 6.46% price increase over the past 24 hours, with the ETHUSDT pair currently trading at $2,954.17 on Binance. This upward movement is primarily attributed to several key developments: the recent approval of spot Ethereum ETFs by the U.S. SEC for major financial institutions, the introduction of a streamlined ETF listing framework reducing approval timelines, and heightened on-chain activity including significant ETH withdrawals from exchanges such as Kraken. These factors have contributed to increased market optimism and a surge in trading volume, which has reached approximately $41.28 billion in the past day. Overall, Ethereum’s market capitalization stands at around $357.92 billion, with strong buyer interest pushing the asset above key resistance levels and signaling continued bullish sentiment.