According to Cointelegraph: Following the approval of spot Ethereum exchange-traded funds (ETFs), traders feel bullish about Ethereum's path towards the $4,000 mark. On May 27, Ether prices surged by 3.5%, supported by the anticipation of spot Ethereum ETFs approval in the United States.
Crypto analyst Jelle believes that after a long accumulation period, Ethereum's price, buoyed by the ETF approval, is ready to ascend to new heights. Michaël van de Poppe, an analyst and founder of MN Capital, echoed similar sentiment, observing a bullish divergence in the weekly ETH/BTC relative strength index chart. He posits that this could signal the transition of capital from Bitcoin to altcoins after a prolonged crypto winter.
Matthew Hyland, a crypto trader, argues that Ethereum has confirmed a bullish divergence and a downtrend break, forecasting that an increase in trading volume would validate this breakout.
Meanwhile, on-chain metrics provider CryptoQuant reports a decline in Ether balance on exchanges over the past year, signaling increased confidence among traders in Ether's long-term potential, thus adopting a strategy of holding onto it for the longer term.
