Ethereum (ETH) Eyes $4,000 Milestone Amid Rising Chances for Spot Ether ETF Approval

• Amid the SEC’s push for spot Ethereum ETF issuers to submit their 19b-4 filings, whales have been accumulating ETFs in large quantities.
• ETH price is poised for a rally to $4,000 and beyond.
• “The chances of denial on the spot Ethereum ETF have decreased by a mile. Perhaps there’s a delay, but the chances of an approval before August is significant. The bull market is here,” noted popular crypto analyst Michael van de Poppe.

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Surge in Ethereum Value as Market Anticipates ETF Approval

The world’s second-largest cryptocurrency, Ethereum (ETH), has experienced a robust bullish surge, gaining 20% in the past 24 hours. This rally comes amid increasing optimism for the approval of a spot Ethereum ETF.

Ethereum (ETH) Price Rally to $4,000

As of press time, the Ethereum (ETH) price is trading 19.64% up at $3,692 with a market cap of $443 billion. With this, ETH has extended its weekly gains to more than 25%. On the other hand, the daily trading volume for ETH has also skyrocketed by a staggering 264% to over $36.24 billion.

ETH Whales Back In Action

The Ethereum whales are back in action as they have scooped 110,000 ETH worth a staggering $341 million in the last 24 hours.

Conclusion

This significant market movement underscores the growing investor confidence in Ethereum’s potential, further fueled by the anticipated regulatory approval of a spot Ethereum ETF. As the landscape evolves, the $4,000 price target appears increasingly plausible.