Dear Readers, 

At the time of writing this article ETH is trading at $ 3664, a up of over 17% in the last 24 hours and it is heading further up. 

This is considered to be the single largest candle spike in the last 5 years in the ETH chart. 

The trading volume has increased around 250% and it has reached $38,844,358,338 in the last 24 hours. 

The marketcap of ETH has raised 18.80% higher and stands at $442,081,090,378 in the 24 hours.

We have been tracking the price of ETH continuously and have written a detailed article on whether ETH would cross its major resistance at $ 3200. 

Click here if you have missed it out. 

The renowed crypto analyst, Oliver Isaacs has tweeted that this pump is the single largest candle witnessed in the past 5 years and it is equal to the entire marketcap of Solana.  He also expects ETH price to reach $10,000 if ETH ETFs are approved. 

It was widely anticipated that once this key resistance level is broken, there would be a rally in the ETH price in the cryptomarket. 

The technicals and the forthcoming ETH ETF news are the major contributory factors of the ETH rally. 

Though there are various debacles on the approval of the ETH ETF, on which the first decision would be there in just two days from now- that is May 23. 

The All Time High of ETH was registered at $ 4891.70 on  Nov 16, 2021. 

If the ETH ETF approval announces, it is expected that ETH would continue to rally and to beat its earlier ATH level also. 

Though ETH is to be considered Commodity or Security, it is more likely to be get approved with ETH ETFs this time. If it not happened at least within this year it will be got approved with various representations and appeals. 

This will be a great news for the cryptomarket as this will greatly reduce the BTC dominance and would be a major contributor for the ALT coin pump. 

For your understanding BTC is currently has 53.6% dominance while ETH has 16.9%. 

BTC also trading at $71,229.20, with a higher over 6% in the last 24 hours.

Let's wait and watch how the news would come and the reaction from the market aftermath!