A surge in Ethereum (ETH) prices graced the beginning of the week, pulsating at $3,460, ascending from a week-long phase of consolidation. This resurgence possibly stems from orchestrated whale activity circulating the principal altcoin and buoyant sentiments from JP Morgan perched on the fence for an ETH ETF endorsement.

While Ethereum appeared to have idled over the weekend with sluggish price movements, the onset of a new week heralded a revitalized uptick in price. Key market influencers for Monday unfurl as follows:

In a flurry of actions, Ethereum whales have set sail to revive a bullish zest after revealing tentative stances the preceding week. Noteworthy data from Spot On Chain points out that a pair of whales splurged on 10,322 ETH valued at $35.11 million in stablecoins within a 14-hour span. Amongst these acquisitions lies an intriguing purchase of 6,145 ETH denoting $20.86 million in USDT by eight wallets, presumably being a unified entity, as intimated by Spot On Chain. Meanwhile, whale entity 0x5e9 dished out 14.25 million DAI to secure 4,178 ETH. Following these grand maneuvers by the whales, ETH momentarily soared to $3,460. Furthermore, the liquidations of ETH long positions have exhibited a substantial decline in recent days. Coinglass data unveils that short liquidations totaling $11.48 million have outweighed the liquidations from long traders pegged at $8.28 million over the last 24 hours.

This upsurge coincides with the unwavering foresight of Nikolaos Panigirtzoglou, an esteemed managing director at JP Morgan, who has adamantly stood by his January predictions concerning an Ethereum approval. Despite Bloomberg's senior analysts Eric Balchunas and James Seyffart dialing down the approval probabilities from 70% to a mere 25%, Panigirtzoglou staunchly maintains that an ETH ETF bears a 50% chance of materializing in the market sphere, as reiterated by The Block. He emphasized the likelihood of a litigious path if the awaited approval doesn't materialize in May. Noting, "We are of the belief that the SEC may eventually lose this legal battle (akin to prior instances such as the Grayscale and Ripple legal bouts last year), denoting that inevitably, the SEC will nod at spot Ethereum ETFs (albeit, not necessarily as expedited as this imminent May),” he conveyed to The Block.

However, amidst the hopeful undertones for a potential ETH price recuperation, investors ought to don their vigilant mantles, for scams are proliferating within the crypto landscape. A discerning eye on Monday pointed out an eerie Multi-Chain Yield Optimizer phishing advert detectable on Ethereum's primary browser, Etherscan. Cryptocurrency aficionados were swift to illuminate the recurrence of such fraudulent ads on Etherscan and CoinGecko this year. By enticing users to furnish their wallet's signature, the nefarious ad cunningly forges a connection to pilfer funds insidiously.

Strategic Analysis: ETH Teeters at the Threshold of $3,493 Resistance

Ethereum galloped to its pinnacle for nearly a week as it briefly hovered around $3,480 on Sunday before succumbing to a retracement. However, the uncrossed threshold of its one-week resistance positioned at $3,493, having forged a liquidity vacuum on April 1, beckons an imminent challenge.

Embarking on the ETH/USDT 1-hour chart discourse, the foreseeable narrative portrays Ethereum likely embarking on a brief consolidation phase to fortify energy for leapfrogging the $3,943 barricade. Should ETH triumphantly breach this obstacle, it could segue into a brewing bullish momentum to breach precedent zeniths at $3,517, $3,570, and $3,655.