Ether (ETH) Price Surges, Fueling Hopes of Post-ETF Approval Pump

• Ether's price nears $4,000, up 5% in 24 hours.
• 27.5% weekly gain surpasses Bitcoin's 3.8% increase.
• Analysts predict $4,500 target and Michael Saylor's ETH purchase.
• DeFi TVL hits $117B, 60% on Ethereum network.
• ETH breakout from falling wedge pattern signals potential new highs.
• ETH needs to close above $3,956 for sustained bullish momentum.

Summary :
The price of Ether (ETH) is nearing $4,000, rising 5% in the past 24 hours. This increase has sparked hope that it could be the start of a post-ETF approval pump for Ether. In the past week, ETH has gained 27.5%, outperforming Bitcoin (BTC) which has only gained 3.8% in the same timeframe. Analysts and observers have made predictions about the future of ETH, with some expecting it to reach $4,500 even before spot ETFs are launched. The recent surge in ETH price has also had an impact on the crypto ecosystem, with decentralized finance (DeFi) total value locked returning to its highest level in two years and Ethereum layer-2 networks reaching an all-time high in total value locked. Technical chart formations suggest that ETH's price is about to break out toward new all-time highs, and traders are expressing bullishness in ETH rather than BTC. The recent ETF approvals for ETH have created anticipation for potential inflows into the cryptocurrency. However, ETH's price still faces resistance at the $4,000 mark, and it needs a weekly close above $3,956 to confirm sustained bullish momentum.

Sources :

- CoinTelegraph
- TheBlock
- CoinTelegraph