🚀 Good news for Ethereum enthusiasts! The price of Ether (ETH) has risen more than 26% in the past two days, thanks to growing expectations for Ethereum spot ETFs to be approved in the United States. 🎉

Despite a small drop from $3,800, fundamental factors and on-chain metrics suggest that the altcoin's bullish trend remains intact.

📈 One factor supporting the rise of Ether is the increase in open ETH long positions in the futures market. CryptoQuant analysts note that traders in the perpetual futures market aggressively opened long positions in Ethereum, hoping for higher prices following rumors that Ethereum spot ETFs in the US could be approved in May.

Additionally, CryptoQuant data also reveals that traders now prefer to have more exposure to Ethereum relative to Bitcoin. This is shown by the Ethereum-Bitcoin open interest ratio, which increased from 0.54 to 0.67 on May 20.

📊 ETH demand appears to have gained traction again amid increased purchases by permanent holders following ETF approval rumors.

Do you think the approval of Ethereum spot ETFs will boost the price of ETH further? Share your thoughts in the comments! 💭

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.