Ethereum bulls are gearing up as spot Ether ETFs are set to launch in the next two months. Over the last day, Ethereum (ETH) saw a 5% rise, trading at $3,957 with a market capitalization of $469 billion. Additionally, Ethereum’s daily trading volume surged by 68%, reaching nearly $17 billion.

Ethereum Approaches Key $4,000 Mark

Crypto analyst Rekt Capital highlighted that Ethereum (ETH) needs a weekly close above $3,956 to break into the $4,000+ range. Currently, ETH is forming a lower high but has spent considerable time around the $2,791 level, historically an indicator of a potential upward move towards $4,000.

Rekt Capital emphasized that a weekly close above this critical threshold is essential to confirm that the bulls have regained momentum. This analysis underlines the vital levels ETH must surpass to continue its bullish run.

ETH Aims for $4,500 Before ETF Launch

Arthur, founder of DeFiance Capital, predicts that Ethereum (ETH) will hit $4,500 before spot ETH ETFs start trading. Supporting this optimistic forecast, a survey by WuBlockchain among the Chinese community shows that 58% of respondents believe ETH could surge to $10,000 or more in this market cycle.

Crypto investors are anticipating significant institutional demand for Ethereum (ETH) in the upcoming weeks. In preparation for this, large Ethereum investors, often referred to as “whales,” have been making substantial purchases since the announcement of ETF approval.

Whales Boost Ethereum Holdings

A Santiment chart tracking the top 1,000 largest ETH wallets shows real-time changes in their holdings. On May 19, these top investors held 76.01 million ETH. After Bloomberg analysts reported the SEC’s expected approval of ETH ETFs on May 20, these whales increased their buying activity. By May 26, the top 1,000 Ethereum wallets held 76.52 million ETH, indicating an acquisition of 510,000 ETH in just five days.

In conclusion, the rising activity among Ethereum bulls and the anticipation of spot Ether ETFs suggest a promising upward trajectory for ETH. As institutional interest grows and large investors continue to buy, Ethereum appears poised to break new records in the coming months.