As Ethereum (ETH) approaches the $4,000 level, investors are eagerly anticipating its next move. Despite a minor pullback on Tuesday, the cryptocurrency's price is expected to continue its upward trend, driven by the recent approval of Ethereum ETFs by the SEC. This historic moment has opened up new opportunities for investors to gain exposure to ETH and benefit from its price appreciation.

The Ethereum price is currently around $3,850, down about 1% on Tuesday, due to market jitters related to Bitcoin wallet movements. However, the overall outlook for Ethereum remains positive, with many analysts predicting significant growth in the coming years. Bernstein, for instance, expects Bitcoin and Ether ETFs to reach a market cap of $450 billion in the next few years, with inflows of $100 billion into crypto ETFs in the next 18-24 months.

Unlike Bitcoin, Ethereum has yet to hit new record highs this bull cycle, with its price remaining 21% below its 2021 record highs. This underperformance was largely due to regulatory uncertainty, which has now been alleviated with the approval of Ethereum ETFs. As a result, there is plenty of scope for a catch-up trade, or period of outperformance relative to Bitcoin.

The next key level to watch for Ethereum is a retest of the 2024 highs near $4,100. This will be a major resistance zone, but once broken, the door will open to a sustained rise back to 2021 highs near $4,900. With little technical resistance in the way, the Ethereum price could potentially enter a phase of price discovery, repeating its 2020-2022 bull run and hitting new record highs.

If Ethereum can repeat its previous performance, it could potentially reach nearly $15,500, or even $11,000 if it reaches the 2.618 Fibonacci extension beyond its 2021 record highs from the 2022 lows. This makes Ethereum an attractive option for investors looking for significant upside.

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