Ethereum's price modestly rose over the past 24 hours, following the U.S. Securities and Exchange Commission's approvals of spot Ethereum exchange-traded funds.

Ethereum traded at $3,740 as of 4 p.m. ET (20:00 UTC) Friday, a 1.76% increase in the past day. Comparatively, bitcoin rose 3.33% to trade at $69,062 in the same period, after falling 2.35% the day prior, The Block Prices show.

The trend suggests that spot ether ETF optimism continues to buoy ether, which defied the broader crypto market downturn yesterday.

Traders seem to be taking advantage of the ether enthusiasm. Following approval of eight spot ether ETF listings late Thursday afternoon, ether saw $80.3 million in long liquidations, according to the crypto data tracker Coinglass. A long position entails purchasing an asset …