The post Ethereum surpasses $3k for the first time in 2 years appeared on BitcoinEthereumNews.com.

Ethereum has blasted past the $3,000 mark as of February 20, marking a significant milestone not seen since April 2022. This achievement highlights a strong uptick in the cryptocurrency’s valuation, with ETH’s price escalating from $2,881 just a day earlier. The surge also amounts to an impressive 4% increase within a mere 24 hours and an astounding 74% rise over the preceding year, peaking at $3,000.97. Market Anticipation Fuels Ethereum’s Ascent The recent price rally is largely attributed to heightened market anticipation surrounding two pivotal developments: the potential approval of a spot Ethereum exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC) and the forthcoming implementation of Ethereum Improvement Proposal (EIP) 4844 with the Dencun upgrade. Betting markets, including Polymarket, suggest there’s a 45% chance of the ETF’s approval by May 31, indicating a bullish sentiment among investors. Bernstein, a renowned wealth management firm, has posited that Ethereum might become the sole cryptocurrency to achieve an ETF listing in the U.S. The firm’s analysts, Gautam Chhugani and Mahika Sapra, emphasized Ethereum’s advantages, such as staking yield dynamics, eco-friendly design, and institutional utility, as key factors poised to drive mainstream adoption. Bloomberg’s Eric Balchunas further bolstered this optimism, estimating a 70% likelihood for ETF approval, despite regulatory hurdles. The last instance Ethereum’s price soared above $3,000 dates back nearly 22 months, preceding a bear market descent to as low as $883 in June 2022. However, Ethereum’s resurgence is closely linked to the network’s eagerly awaited Dencun upgrade. This upgrade, slated for March 13, aims to introduce several EIPs, including EIP-4844, which proposes proto-danksharding to enhance transaction efficiency by partially offloading data storage off-chain. CoinGlass data reveals a record-breaking $10.19 billion in open interest within the Ethereum futures market, evidencing the current price volatility and the market’s bullish outlook.…

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Filed under: News - @ February 21, 2024 3:18 am