The cryptocurrency market is abuzz with excitement as Ether (ETH) continues its remarkable ascent, pushing closer to the $4,000 mark. With a 3.5% gain on May 27, ETH has risen an impressive 27% from its low of $3,048 on May 20, reaching a 10-week high of $3,964. This significant upswing is largely attributed to the anticipation and approval of spot Ethereum exchange-traded funds (ETFs) in the United States.

_Analysts Predict Bullish Trend_

Crypto analysts are optimistic about ETH's future performance, with Jelle stating that the altcoin has completed its accumulation phase and is now ready to enter the "stratosphere." Michaël van de Poppe, founder of MN Capital, also notes a bullish divergence on the weekly ETH/BTC chart, signaling a capital rotation from Bitcoin (BTC) into altcoins. Matthew Hyland, a crypto trader, confirms a bullish breakout, while Tuur Demeester believes the Ethereum market euphoria has yet to materialize.

_On-Chain Metrics Indicate Long-Term Investment Strategies_

Data from CryptoQuant reveals a decreasing ETH balance on exchanges over the last 12 months, reaching a six-year low of 13.58 million ETH on May 20. This trend suggests traders are adopting long-term investment strategies, indicating increased confidence in ETH's potential and value.

_In Conclusion_

As ETH continues its upward trajectory, analysts predict a bullish trend amidst ETF approvals and decreasing exchange balance. With on-chain metrics indicating long-term investment strategies, the future looks promising for Ethereum. However, it's essential to remember that every investment and trading move involves risk, and readers should conduct their own research when making decisions.