Ethereum, the second-largest cryptocurrency, has experienced a remarkable surge in price, with a single-day gain of 19.23%, the highest since May 24, 2021. This surge coincides with a significant short liquidation of $80 million, marking the biggest loss for sellers in the past 90 days.

Bitcoin, not to be outdone, has also crossed the $70,000 barrier, 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.

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 increases by 280%, investors are eagerly anticipating the approval of an Ethereum ETF.

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.

As the crypto community eagerly awaits the SEC's decision, Ethereum investors are optimistic that the price surge will continue throughout the month, potentially reaching new all-time highs.