Ethereum (CRYPTO:ETH) has surged past $3,000 recently, sparking predictions of further gains from analysts.

Michael van de Poppe and CryptoYoddha foresee a bullish trend, with the latter envisioning ETH hitting $10,000 by year-end.

World of Charts notes ETH breaking a "falling wedge consolidation," projecting a move towards $4,500 in the coming weeks.

Key factors supporting ETH's potential rally include a declining Market Value to Realized Value (MVRV) ratio since mid-March, signaling potential undervaluation.

Additionally, negative exchange netflow indicates a shift from centralised platforms to self-custody methods, reducing immediate selling pressure.

Approval of a spot Ethereum ETF in the US could further boost ETH's price, although it might trigger a "sell-the-news" event similar to BTC (CRYPTO:BTC) ETF approvals in January.