After the approval for spot Bitcoin ETFs on January 10, 2024, the Securities and Exchange Commission (SEC) has approved a rule change that allows exchanges to list spot Ethereum ETFs in the U.S. on May 23, 2024. No Ethereum ETF is approved yet.
On May 24th the sport Ethereum ETF was approved and now it is formally a commodity.
https://cointelegraph.com/news/sec-etf-decision-means-ether-other-tokens-not-securitiesThe only issue now is that trading of spot Ethereum ETFs can only start after a form S1 has been approved. According to analysts it can take a couple of months. By the looks of it I think that by the year end we will see institutional investor taking the price of ETH to new all time high.