That is helping to fuel a continued surge since overnight trading, with ETH/USD now up to test the April high at $3,729 earlier. But much like the story was for Bitcoin earlier this year, is this going to be another case of buy the rumour, sell the fact?

Of course, Bitcoin has recovered from that minor setback in late January to rally strongly to fresh record highs since. But Ether might not be that fortunate considering its secondary status to Bitcoin itself. We’ll see though.

As for the ETF applications itself, this week will see decisions for VanEck and Ark Invest. They are both due on Thursday and Friday respectively.

The optimism here is also pushing the likes of Bitcoin higher, with price there contesting the $71,000 mark with the high earlier today nearly clipping $72,000.

This article was written by Justin Low at www.forexlive.com.