Ethereum looks unstoppable at spot rates. Looking at the performance in the daily and weekly charts, the surge is almost perpendicular. From coin trackers, Ethereum is up nearly 10% when writing on the past trading day. At this rate, ETH has extended gains, adding 17% in the previous week, outperforming Bitcoin.

Besides the sharp gains posted by Shiba Inu (SHIB), ETH is the second top performer in the top 10. Nonetheless spike is a feat for Ethereum considering its relatively high liquidity of over $463 million versus $20 billion of Shiba Inu. Therefore, pound-to-pound, ETH has recorded impressive gains that highlight the surging demand in the network.

At this pace, ETH/USD bulls expect to break above $4,000, before surging to around $5,000—its all-time high. Analysts are closely monitoring how Bitcoin reacts at spot rates. A break above $70,000 would ignite more demand ETH as historical performance shows. The odds of ETH rallying above $5,000 will be elevated after this.

Possible Ethereum bull triggers in the short and medium term include the following:

• The pace at which spot Bitcoin exchange-traded funds (ETFs) receive capital: BlackRock, Fidelity, and other Wall Street heavyweights are accumulating. This is bullish for Bitcoin but is also trickling down to ETH. The United States Securities and Exchange Commission (SEC) will decide on the fate of a similar product for ETH in May. ETH supporters remain upbeat.
• DeFi and Layer-2 total value locked (TVL): Interest in decentralized finance (DeFi) and deployment on layer-2 protocols like Arbitrum is soaring. DeFi protocols prefer launching on low-fee and highly scalable networks while also benefiting from Ethereum security. Arbitrum, Base, Optimism, and others provide the perfect platform. So far, DeFi and layer-2 TVLs are up above $95 billion and $36 billion, respectively. The number will likely expand in the coming days, possibly driving ETH even higher.

Ethereum Price Analysis

ETH bulls are in the driving seat.

In the weekly and daily charts, bull bars are banding along the upper BB. This development points to strong upside momentum.

Accordingly, buy entries may be considered.

Traders can look for buys on dips above $3,600 from the daily chart.

From the 1hr chart, any high-volume breakout above $3,900 will likely accelerate the leg up to $4,000.