• Ethereum signals an upside breakout following the SEC’s ETF approval.

  • ETH surged 6.39% over the weekend to retest post-ETF approval levels.

  • PEPE, BONK, FLOKI, and BOME surge following Ethereum’s recent rally.

Ethereum, the second-largest cryptocurrency by market capitalization, has shown signs of an upward trajectory following the U.S. Securities and Exchange Commission’s (SEC) approval of Ethereum exchange-traded funds (ETFs). ETH rose by 6.39% over the weekend to approach the post-ETF approval price of May 23, when the SEC announced its approval for firms seeking to launch Ethereum ETFs.

TradingView’s data indicated that Ethereum’s resurgence pushed the leading altcoin above $3,900 in the early hours of today, following two days’ consecutive positive daily closes. Today’s rally means Ethereum has gained nearly 30% in the past seven days, bolstered by last Monday’s single-day 20% surge, three days before the ETF approval.

#ETH has climbed back above $3,900. Will we see $4K? today 👀 pic.twitter.com/pD4CqmBmTo

— Cointelegraph (@Cointelegraph) May 27, 2024

Following the cryptocurrency’s recent surge, analyst Matthew Hyland noted in a post on X that ETH has confirmed a bullish divergence. According to Hyland, the cryptocurrency has broken out of the downtrend. He also shared a screenshot illustrating his analysis to show that a volume increase supports Ethereum’s upside breakout.

Meanwhile, more analysts have predicted an imminent rally for Ethereum following last week’s ETF approval. DeFiance Capital founder Arthur Cheong believes the altcoin would climb to $4,500 before firms start launching spot Ethereum ETFs. On his part, Ethereum educator Anthony Sassano predicted MicroStrategy founder Michael Saylor would invest in ETH within the next six to twelve months. 

It is worth noting that some x aligned with Ethereum’s recent rally, have delivered significant returns in the past seven days. Data from CoinmarketCap shows Pepe, the frog-themed memecoin, gained over 79% in the past seven days. BONK, FLOKI, and BOME followed the trend, with seven-day gains of 40%, 27%, and 14%, respectively.

The post Ethereum Breaks Out as SEC Greenlights ETFs, Memecoins Soar appeared first on Coin Edition.