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According to the last Santiment data, Ethereum has more non-empty wallets, proof that it is powered by its strong DeFi ecosystem, staking opportunities, and a broader base of smaller average wallet sizes. Concretely, Bitcoin has 54.2 million non-empty wallets, while Ethereum leads with 122.9 million, proof of its increased adoption and usage.

The significant accumulation trend observed adds another layer to Ethereum’s bullish outlook. CryptoQuant reports that the balance of new accumulated addresses, especially those holding between 10-10,000 and 10,000-100,000 ETH, continues to grow. This increase in accumulation aligns with recent developments in the regulatory landscape.

On May 23, the crypto community received a major boost with the approval of Ethereum spot ETF filing. Eleanor Terrett, Fox reporter Underlines Gary Gensler, Chairman of the United States Securities and Exchange Commission (SEC), noted that while the approval process for these ETFs could be lengthy, it marks a significant step forward. Gensler also criticized the current state of cryptocurrency exchanges, suggesting that many operate outside the bounds of traditional financial regulations.

The prospect of Ethereum-based exchange-traded funds (ETFs) directly holding ETH has generated considerable excitement. Search K33 projects that these ETFs could attract impressive inflows of $4 billion in the first five months of their launch. This anticipation is echoed by market analysts who see it as a pivotal moment for ETH.

Analysts are optimistic as Ethereum gains ground

Michaël van de Poppe, renowned market analyst, underlines the potential for ETH to generate higher lows, due to the certainty around S-1 approvals. “The certainty around S-1 approvals is going to lead to a big rise and a low,” van de Poppe said. His sentiment is shared by other analysts who predict a bullish trajectory for ETH.

Currently, ETH is trading at $3,851.00, up 4% over the past week, ETH is showing signs of a breakout. Analyst Jelle note that the recent breakdown of a falling wedge pattern by ETH has flipped critical resistance towards support. It rose slightly, perhaps in its quest to reestablish its uptrend which seemed to have lost some steam.

Ahead of the ETF launch, there is growing confidence that Ethereum will soon see a major rally. “Patience will pay off soon enough,” Jelle remarked, reflecting the optimistic sentiment surrounding Ethereum’s future.

Related reading | BNB Breaks Out, Signaling Potential BTC Rise with New ATH: Report

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