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The uptick signals a bullish outlook, according to Wintermute.

Liquid staking tokens like Lido, Rocket Pool, and ether.fi follow ether's gains.

The fast move likely signals short-term profit taking after ether's rapid 30% rally, one observer noted.

Ether has bounced off its 200-week simple moving average, reinforcing long-term support.

Ether's price has jumped 18% in six days in hopes the U.S. SEC would approve a spot ETH exchange-traded fund (ETF).

Ether spot ETF approval would set a precedent as the first non-bitcoin digital asset to be considered a commodity, raising expectations that solana could follow the same path, the report said.

Spot ether exchange-traded funds have seen net outflows of $0.5B since their launch, the report said.

Ether and other digital assets need a better regulatory regime and the narrative is expected to improve around the U.S. elections later this year, the report said.

There will probably be litigation against the SEC after May if ether ETFs aren’t approved, the report said.

Investors are likely to allocate funds to ETFs in proportion to the relative market caps of bitcoin and ether, the report said.