The price of the largest altcoin Ethereum benefits from increased likelihood of spot approval ETF and pulls the entire crypto market north.

Immediately after a update on the approval of the Ethereum spot ETF by Bloomberg analyst Eric Balchunas shot up the price of the largest altcoin by more than 16 percent to $3,572.

In his comments, Balchunas raised the probability of approval of the trade by the Security and Exchange Commission (SEC) from 25 percent to 75 percent. The subsequent price jump brought the following price targets back to investors' attention.

Recently, Ethereum co-founder and Consensys CEO Joseph Lubin sharply criticized the SEC and its position with regarding classification Of Ethereum (ETH) as a security.

The rest of the crypto market also benefited from Ethereum's price rise. The leading cryptocurrency Bitcoin (BTC) rose nearly seven percent to $70,451.

As a result of the bullish news, all of the top 100 altcoins recorded increases in value in the last 24 hours of trading. In particular, the altcoins Lido DAO (LDO) and Ethena (ENA), which are part of Ethereum's ecosystem, each rose 17 percent, while the low-2 projects Optimism (OP) and Arbitrum (ARB) each rose 15 percent.

According to Coinglass.com leveraged short positions totaling $140 million were liquidated in the last four trading hours as a result of the sudden price increase in the crypto market.

Despite the increased chances of approval for the Ethereum ETF, given the short time frame until the decision on May 23, the SEC still has the option of allowing the 19b-4 applications to go through this week, but taking its time with the S-1 registration statements.