The eyes and ears of the cryptocurrency market were on the news coming from the US today. Whether the Securities and Exchange Commission (SEC) would approve Ethereum ETF applications was being followed with curiosity.

The decision was expected to be announced at 11.00 p.m., but the time was slightly extended. At 00.02 a.m., the notification that the applications were approved was entered on the official website of the SEC.

The agency approved all companies that applied for the Ethereum ETF. This includes BlackRock and Fidelity.

Following the approval decision, the price of Ether rose above $3,900. The price then experienced some retracement. Ether is trading at $3,650 at the time of writing.

When Bitcoin ETFs were approved in January, the ETFs opened for trading the next day, but this is not expected for Ethereum. Bloomberg analysts note that it could take several weeks before Ethereum ETFs are ready for trading on exchanges.