Ether (ETH) is edging closer to the $4,000 mark, with a 3.5% gain on May 27. The altcoin has risen 27% from a low of $3,048 on May 20, reaching a 10-week high of $3,964 on May 27. Crypto analysts suggest that the price increase is largely due to the anticipated approval of spot Ethereum exchange-traded funds (ETFs) in the U.S. Despite a lackluster performance post-approval, the move towards $4,000 is seen as significant. The ETH balance on exchanges has also been decreasing over the past year, indicating traders' confidence in the long-term potential of Ether.