The cryptocurrency market is experiencing a robust rebound, with Ethereum (ETH) price surging by 5% to exceed $3,500. This surge coincides with increased whale activity, as a significant whale, reportedly Abraxas Capital, has withdrawn a massive 60K ETH, valued at $203 million, from the crypto exchange Bitfinex.

The ETH price has already rallied 4% since the whale's withdrawal, giving the whale an unrealized profit of nearly $6.5 million. As of press time, the Ethereum price is trading 4.19% up at $3,499 with a market cap of $420.7 billion. The daily trading volume for Ethereum has also shot up by 50% to $9.8 billion.

The surge in Ethereum price is fueled by the excitement surrounding the upcoming spot Ethereum ETF launch in the United States. Last week, a PEPE whale converted $18 million of their PEPE coins to Ethereum, expecting a major rally going ahead. This trend of whales swapping other altcoins for ETH suggests a strong belief in the potential of the Ethereum ETF.

The launch of the spot Ethereum ETF faces some delay from the previous timeline of July 4, as the U.S. Securities and Exchange Commission (SEC) has asked issuers to resubmit their S-1 forms by July 8. However, industry experts believe that the regulators can approve the issuers for trading within the next 14-21 days, potentially by the summer's end.

The anticipation surrounding the Ethereum ETF has been a significant driver for the recent price surge. ETF Store President Nate Geraci has predicted that the spot Ethereum ETF will be the second-most successful debut in the ETF history, only after spot Bitcoin ETFs. This optimism, coupled with the increased whale activity, suggests a promising outlook for Ethereum's future performance.