Ethereum price approached $4,000 during early trading on May 27, rising 5% in the 24 hours prior to writing, raising hope that this could be the beginning of a post-approval pump for Ethereum spot ETFs.
The asset gained about 5% during the day to reach an intraday high of $3,930, according to Cointelegraph data — and Ethereum also reached a similar price just days ago when spot ETFs received approval for the first time on May 23.
This gave Ethereum a gain of 27.5% over the past week, putting it beyond the gains of Bitcoin (BTC), which gained just 3.8% in the same time frame.
On May 27, analyst Matthew Hyland told his 143,000 followers on the X platform that Ethereum had confirmed a bullish divergence and a downtrend breakout with increasing volume, making the breakout more likely.
