Ethereum (ETH) is on a bullish run, surging 5% in the last 24 hours and currently trading above $3,950. This upswing comes amidst heightened anticipation surrounding the launch of spot Ether ETFs in the next two months.

Analysts Predict Further Gains

Rekt Capital, a prominent analyst, believes a weekly close above $3,956 is crucial for a breakout towards $4,000. He emphasizes a significant historical resistance level at $2791 that has preceded prior upward movements to $4,000.

Arthur, founder of DeFiance Capital, predicts a surge to $4,500 before the ETF launch, supported by a WuBlockchain survey indicating 58% of Chinese investors believe ETH can reach $10,000 in this cycle.

Institutional Investors Pile In

Large investors have been accumulating ETH since the ETF approval news. Santiment data reveals that the top 1,000 wallets increased their holdings by 510,000 ETH in just five days, suggesting a significant buying spree.

TD Cowen expects the ETF approval to pave the way for more crypto-linked investment funds, potentially including baskets of various cryptocurrencies like Bitcoin and Ether.

Michael Saylor’s Unexpected Support

Bitcoin proponent Michael Saylor surprised the community by endorsing Ethereum ETFs. He believes this could accelerate institutional adoption of crypto by encouraging larger portfolio allocations, potentially from 1% to 5-10%.

ETH/USD Technical Analysis Points to Bullish Momentum

Ethereum price surpassed the $3,800 resistance level and is consolidating near $3,850 with an upside target of $4,000. Key technical indicators like MACD and RSI also signal bullish momentum.

Support levels sit at $3,800 and $3,735, with major resistance at $3,880 and $3,920. A clear break above $3,920 could propel ETH towards $4,080 and potentially higher.