Ethereum's price surged to $3,850 following the SEC's approval of spot Ethereum ETFs on May 23. This led to an initial 29% rally to $3,945, followed by a brief retracement to $3,556 due to profit-taking. However, bullish sentiment returned, pushing ETH back to $3,850 by May 26. On-chain data shows significant purchases by the top 1,000 ETH wallets, anticipating further price increases. Investors expect ETH ETFs to attract substantial institutional inflows, similar to the $58 billion seen with Bitcoin ETFs, reinforcing optimism for continued price gains as ETF trading begins.