Ethereum, the second-largest cryptocurrency, is witnessing a remarkable surge in price and trading activity, fueling speculation that it could soon smash its previous all-time high record. 

The king of altcoins has rallied over 20% in the last 7 days, currently at $3,768, according to data from Coinmarketcap. This bullish run has narrowed the gap to just 22%, away from Ethereum's record peak of $4,867 set on November 10th, 2021, according to the Coinbase tradingview chart. In the last 24 hours, its price has gained by 1.92% while its market cap stands at $453 billion. However, its trading volume has dropped by 67% in the last 24 hours to $15.3 billion.

Market analysis attribute Ethereum's bullish momentum to a combination of positive developmental milestones and increasing institutional adoption. One of the key drivers has been the recent approval by the U.S. Securities and Exchange Commission (SEC) for stock exchanges to list ether-based exchange-traded funds (ETFs).

The SEC has approved for U.S. stock exchanges to begin listing ether ETFs, following in the footsteps of the spot bitcoin ETFs greenlit at the beginning of 2024. The regulatory green light paves the way for products tracking Ethereum's native token to be traded on major U.S. bourses.

The SEC approved rule changes that would allow spot ether ETFs from industry giants like BlackRock, Fidelity, Grayscale, ARK Invest, VanEck, Invesco Galaxy, and Franklin Templeton. While the ETF issuers still need to secure approval for their registration statements, the development is seen as a significant milestone for mainstream Ethereum adoption.

Given the positive acceleration on the adoption and regulatory fronts, ETH will indeed succeed in making a fresh record high, which could very translate to another big surge in bullish momentum over the coming days and weeks.

ETH Technical Analysis

From a technical perspective, Ethereum's price action confirms bullish momentum with a key breakout from a bullish flag pattern on May 20th. After a period of consolidation between $2,865 and $3,289, the price impulsively broke out and closed above $3,289, fueling further upward pressure. 

The breakout also saw ETH surpass the recent lower high of $3,717, solidifying the bullish bias. The daily Relative Strength Index (RSI) reading of 69 indicates strong buying momentum, though a pullback for value consolidation cannot be ruled out as the indicator nears overbought territory.

Whales have been actively accumulating Ethereum since May 19th, preceding the recent upswing. Additionally, the Market Value to Realized Value (MVRV) ratio, a metric comparing the market value to the realized value, has been on an uptrend since May 19th, suggesting potential for further price appreciation.

With a confluence of positive fundamental catalysts and strong technical signals, market participants remain optimistic about Ethereum's prospects of reclaiming its all-time high in the near future.