Ethereum, the second-largest cryptocurrency, has experienced an astounding surge in price, with a single-day gain of 19.23%, the highest since May 24, 2021. This remarkable price jump coincides with a significant short liquidation of $80 million, marking the biggest loss for sellers in the past 90 days. The crypto community is abuzz with excitement as Ethereum's price continues to soar, breaking through resistance levels and setting new records.

Not to be outdone, Bitcoin has also joined the party, crossing the $70,000 barrier and reaching a peak of $71,500 with an overnight surge of 7.73%. This sudden increase in price has boosted trading volume and sparked a market-wide bullish sentiment, with investors eagerly anticipating further gains in the coming days and weeks.

The primary driver behind Ethereum's recent bull run is the growing speculation surrounding the potential approval of an Ethereum Exchange-Traded Fund (ETF). As the price of Ethereum crosses the $3,500 mark and trading volume skyrockets by an impressive 280%, investors are eagerly anticipating the approval of an Ethereum ETF, which could potentially unlock new avenues for investment and drive further price appreciation.

The Ethereum price rally has broken through a falling wedge pattern, indicating a high-momentum trend continuation. The price has surpassed the $3,500 barrier and is currently trading at $3,681, approaching the 50% Fibonacci level. Analysts believe that the increased chances of ETF approval, coupled with the broader market recovery and the post-Bitcoin Halving altcoin season, are fueling the current bull run.

If the U.S. Securities and Exchange Commission (SEC) approves VanEck's spot Ether ETF application on May 23, the Ethereum price could potentially reach the 1.618 Fibonacci level at $5,922, a tantalizing prospect for investors seeking to capitalize on the cryptocurrency's upward trajectory. The crypto community is eagerly awaiting the SEC's decision, with Ethereum investors optimistic that the price surge will continue throughout the month, potentially reaching new all-time highs.

As the excitement builds, traders and investors are closely monitoring the situation for any developments that could further propel Ethereum's price into uncharted territory. The potential approval of an Ethereum ETF has created a sense of anticipation in the market, with many believing that it could be the catalyst for a sustained bull run that could see Ethereum reach new heights in the coming months.