🔥🔥🔥Ethereum Hits the Road to $4,000 Or Not? Spot Ethereum ETF Approval Possible Impact

🚀 ETH ETF Updates Boost Ethereum
Positive Ethereum ETF updates have pushed ETH to a two-month high. Bloomberg analyst Eric Balchunas suggests the SEC is changing its stance on Ethereum ETFs. Reuters reports the SEC is asking Nasdaq, CBOE, and NYSE to fine-tune their applications, indicating potential approval. Analysts noted that five issuers submitted their amended filings, which are crucial for ETF approval. This news fueled an 18% surge on Monday and an 8.6% rise on Tuesday, with ETH now around $3,700.

📊 ETH Market Surge
ETH's potential ETF approval sparked increased interest. Santiment data shows daily trading volume surged 200% to $37 billion, a two-month high. Coinglass data reveals a year-to-date high of $80 million in short liquidations on Monday. Whale activity also spiked, with 1,393 transactions over $1 million in 72 hours. ETH's social dominance reached 2.28%, a three-month record.

📈 $4,600 Goal for ETH
Technical analysis suggests ETH could continue its rally. The monthly chart shows a rounding bottom pattern, indicating a positive trend reversal. The neckline for this pattern is at $4,635. The daily chart shows a bullish breakout of a falling wedge pattern, with the price challenging the $3,800 level. MACD crossover and EMA golden cross patterns reflect strong bullish sentiment. ETH's correlation with BTC shows a long-term upswing, with RSI at 70. Breaking resistance at $0.05346 could push ETH above $0.06 against BTC.

📉 Potential Risks
If the ETF approval doesn't generate expected enthusiasm, ETH could slide below $3,600 to test $3,273. Profit-booking or sell-the-news actions could retest the $3,000 range.

📊 ETH vs. BTC
Crypto analyst Quinn Thompson believes ETH remains undervalued against BTC, even with ETF optimism. ETH/BTC at 0.05 is still underpriced, suggesting more room for growth, especially in a bull market.