The second largest cryptocurrency, Ethereum’s (ETH) price surged over $3,000 for the first time since April 2022, increasing more than 4% in the past 24 hours and 74% over the past year, according to data from CoinMarketCap.
After a brief peak above $3000, the price has slightly slipped down and it is trading at $2,926 now. Analysts believe that there is a chance of recovery once the support level of $2,905 is touched and the price can reach the $3,000 level again.
This milestone is preceded by a positive market sentiment that has been growing in anticipation of the U.S. SEC’s potential approval of a spot Ether exchange-traded fund (ETF) and the upcoming Ethereum Improvement Proposal (EIP) 4844 through the Dencun upgrade on March 13.
Experts opine that Ethereum has the potential to be adopted by the masses, as it might be due to its staking yield dynamics, eco-friendly design, and institutional utility. The last time Ether traded above 3 3,000 dollars was almost 22 months ago.
The broader cryptocurrency market is expected to experience a bullish trend in 2024 and ETH’s rally may reach $3,500, which is the next resistance level. Nevertheless, the market volatility has created over $200 million in liquidations affecting around 70,000 traders, with Ethereum positions comprising a substantial fraction.
Bitcoin’s rise to $53,000 is a sign of positive momentum in the crypto market, but ETH is even better, reaching its highest level since April 2020.
Also Read: Ethereum Price Surges Over 16% as Fundamentals Strengthen
