Ethereum price will only adjust after SEC green lights ETFs.

Ethereum prices remained largely flat following the historic approval of eight exchange-traded funds (ETFs) that give investors exposure to the second-largest digital asset by market capitalization.

Ethereum's price reached $3,856 within minutes of the confirmation, according to CoinGecko data, before falling to $3,771. As of this writing, it's up to $3,825, but the moves have been relatively light so far.

ETH is up a little more than 1% per day, but in the last seven days, the asset has increased by a whopping 30%.

The US Securities and Exchange Commission (SEC) has been silent on the products for months, with industry observers and analysts expecting the regulator to say nothing.

But things changed this week when rumors that the SEC would be required to say yes to the money collapsed. Fund managers began sifting through paperwork and making revisions to necessary forms—signals that the products were about to be approved.

And today, they got the green light. The products allow ordinary investors to buy shares traded on stock exchanges and track the value of the digital asset.

Ethereum – and other digital coins and tokens – can be difficult for traditional investors to buy, sell and store. Popular, accredited and regulated investment vehicles like ETFs simplify the process and allow people to participate in the crypto world without being tech savvy.

The SEC in January reluctantly gave the green light to 11 Bitcoin exchanges. The historic launch of the product has pushed the price of the top digital coin higher as cash quickly pours into the space from previously marginalized investors.

Despite Ethereum's surge, the coin is still 22% below its November 2021 all-time high of $4,878.

Edited by Andrew Hayward.