$ETH - Looks Super Bullish After The Spot ETF Approval…

Ethereum to $5000 Range approaching…???

With the spot ETH ETFs approved, investors are confident that Ethereum price is ready to rally well above $4,000, with the current Trend reaching $5000 Range By Mid June looks very much on the Card…

$ETH did strong performance which rose from a low of $3,048 on May 20, climbing 27% to reach a 10-week high of $3,964 on May 27.

this performance has largely been driven by the markets’ anticipation that the spot Ethereum ETFs in the United States would be approved. Even though ETH displayed a lackluster performance after the approval, the move toward $4,000 is viewed as significant..

According to Analyst and founder of MN Capital Michaël van de Poppe, the weekly relative strength index (RSI) had produced a bullish divergence, signifying the start of capital rotation from Bitcoin into altcoins after an extended crypto winter.

Meanwhile, data from on-chain metrics provider CryptoQuant shows ETH balance on exchanges has been decreasing over the last 12 months to reach a six-year low of 13.58 million ETH on May 20.The decreasing Ether balance on exchanges signifies traders’ adoption of long-term investment strategies, indicating increased confidence in the long-term potential and value of Ether.

low gas fee after the recent upgrade further enhance the $ETH Rally towards $5000+ Range…

DYOR/ NFA