Analysis of three major reasons why ETH price will

Growing expectations for a spot Ethereum ETF to be approved in the United States have sent the price of Ethereum (ETH) up more than 26% in the past two days to reach its highest level since March 15.

ETH price has retreated slightly since hitting $3,800, but the likelihood of a spot Ethereum ETF being approved as well as fundamental factors and on-chain indicators suggest that ETH’s uptrend remains strong.

One of the factors supporting Ethereum’s rise is the increase in open long Ethereum positions in the futures market.

“Following rumors that a U.S. spot Ethereum ETF could be approved in May, traders in the perpetual futures market actively opened long Ethereum positions in anticipation of higher prices.”

CryptoQuant data shows that demand for ETH appears to be gaining traction again as permanent holder purchases increase as rumors of ETF approval spread.

According to Alternative.me, the Crypto Fear and Greed Index has risen from last week’s “greed” index of 64 to the “extreme greed” range of 76. This means that retail investors are increasingly positive about cryptocurrencies, and if the SEC approves a spot Ethereum EFT this month, the price of ETH is expected to continue its upward trend.