Despite a recent 15% drop from its multi-year high, Ether (ETH) is still considered one of the altcoins with the most upside potential. Analysts believe the Ethereum ecosystem holds a crucial support level, with expectations of a slow uptrend build-up following the recent approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission. Market data shows robust support just below the $3,400 level, with potential to absorb any selling pressure. Increased investor accumulation, evidenced by massive outflows from centralized exchanges, supports Ethereum's bullishness. This activity may be due to bullish events on the horizon, like the expected debut of a spot Ether ETF market.