Ethereum’s native token, ether (ETH), has soared hitting the $3,000 mark, marking its highest level in almost two years, as reported on Tuesday.
Boasting a remarkable 12% rally over the past week, ether briefly reached a peak of $3,031, according to data from CoinMarketCap. However, as the cryptocurrency encounters resistance at this significant threshold, breaching it proves to be a formidable challenge.
Traders are closely monitoring this surge, given its historical implications. Similar price levels in April 2022 preceded a substantial downturn, with ether plunging by 46% over the subsequent 40 days.
#Ethereum #ETH $ETH hits $3000 today📈pic.twitter.com/CoVxTWOMFu
— Everything Crypto (@EverytngCrypto) February 20, 2024
Adding to the excitement, reports indicate that the Securities and Exchange Commission (SEC) is poised to greenlight spot Ethereum ETFs by May 23. Although the approval odds hover around 50% for May, analysts foresee near-certain approval within the next 12 months. Notably, several traditional finance giants are actively competing for an ether ETF in the U.S., underscoring the growing mainstream interest in Ethereum.
Glassnode’s latest analysis highlights a shifting investor landscape, with capital inflows increasingly favoring ecosystems like Ethereum and Solana. Furthermore, with the recent approval of a bitcoin ETF, ether has shown signs of outperforming bitcoin, signaling evolving market dynamics.
The options market echoes this bullish sentiment, with 59% of traders favoring long positions on ether within a 24-hour timeframe. Amidst anticipation for the imminent ETF decision and growing investor optimism, Ethereum’s trajectory in the coming weeks remains a focal point of speculation and excitement.
