If three crucial indicators hold, the SEC’s approval of ETFs could usher in a period of increased activity and value for Ethereum (ETH).

Ether has the potential to surge and retest the $5,000 mark it fell short of in 2021, according to a crypto trader. The trader, known as Blockchain Mane, stated that the dominance chart indicates an “ETH Season” where Ethereum is likely to outperform other cryptocurrencies. This comes after the US Securities and Exchange Commission (SEC) recently approved eight spot Ether exchange-traded funds (ETFs). As a result, ETH’s dominance in the crypto market has risen by 19.56% over the past seven days. Another long-term indicator, the Fibonacci retracement, is also showing strong support for Ether. Blockchain Mane identified resistance targets at $5080.60 and $6231.83. Additionally, the parabolic curve indicator suggests a bullish trend for ETH, with three marked phases: base one, base two, and base three. Despite the ETF approvals, the price of Ether has not seen significant movement, likely due to the news already being priced in and ETF trading not yet commencing. Other traders are focusing on the shorter-term price action and emphasize the importance of Ether holding support at around $3,800 for further upward movement. Please note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.