How High Can Ethereum Price Surge This Month Amidst ETF Speculation?

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With the recovery market, the Ethereum price surges 19.23% in a single day, the largest single-day gain since 24th May 2021. Further, the $80 Million short liquidation on the last day marks the biggest loss for sellers in the last 90 days. 

Moreover, with an overnight surge of 7.73%, the price of Bitcoin crossed the $70K barrier to peak at $71,500. The sudden surge boosted trading volume and started a market-wide bullish ripple. 

A crucial reason for the recent surge in the Ethereum bull run comes with the increased market noise of Ethereum ETF approval. With the Ethereum price crossing the $3500 mark and a 280% surge in trading volume, the buyers are lining up for the biggest altcoin in the crypto world.

Will the Ethereum price prediction of reaching $10,000 come true with the ETF approval? Let’s take a quick look at the Ethereum price rally and understand more on the ETF approval, for a deeper analysis. 

Ethereum Rally Breaks The Wedge

With the broader market recovery, the high chances of ETF approval for Ethereum and the post-Bitcoin Halving altcoin season increase the chances of a bull run. In the 1D chart, the bull run is getting started as the Ethereum price surpasses the short-term resistance trendline.

Tradingview

The breakout rally escapes the falling wedge pattern and increases the likelihood of a high-momentum trend continuation. Further, the Ethereum price crosses above the $3500 barrier and trades at $3681 as it approaches the 50% Fibonacci level. 

The bullish crossover in the VI lines and the massive uptick in the ADX line bolster the positive trend. Even the RSI line crosses into the overbought zone, reflecting an uptrend in motion.

Ethereum ETF Approval Drives The Bull Run

The market noise of a potential Ethereum ETF approval is coming sooner than anticipated. 

Bloomberg ETF analysts Eric Balchunas and James Seyffart have noted that there’s talk about the U.S. securities regulator urging applicants to speed up their 19b-4 filings. As a result, the approval odds have increased from 25% to 75%, driving the Ethereum price higher.

This update comes just days before the U.S. SEC’s final decision on VanEck’s spot Ether ETF application, due May 23.

How High Will ETH Price Rally Surge This Month?

With the increased chances of ETF approval, the breakout rally is expected to gain momentum this month. Further, the broader market recovery improves the uptrend chances and could easily scale up beyond $4000. 

As per the trend-based Fibonacci level, an uptrend continuation could hit $4749 this month. If VanEck’s Spot Ether ETF application gets approval on May 23rd, the Ethereum price could reach the 1.618 Fibonacci level at $5922.