Ethereum

when

Ether’s (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) price topped the $3,000 level on Feb. 20for the first time since April 2022.
Ether climbed from a price of $2,881 on Feb. 19, surging more than 4% in the last 24 hours and 74% over the last 12 months, to hit a year-to-date high at $3,000.97on Binance at 13:45 UTC, according to data from CoinMarketCap.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/b000b92c-16d5-4f44-9a42-fcc74e37b2bf.png">
 <figcaption style="text-align: center;">
 ETH/USD daily chart. Source: TradingView
 </figcaption>
</figure>
Ether’s price performance comes as the market awaits the possible approval of a spot Ether exchange-traded fund (ETF) by the United States Securities and Exchange Commission and the implementation of Ethereum Improvement Proposal&nbsp;(EIP) 4844 through the Dencun upgrade.
Current odds from <a href="https://polymarket.com/event/ethereum-etf-approved-by-may-31?tid=1706176474430" target="_blank" rel="noopener nofollow">Polymarket</a> indicate a 45% likelihood of a spot Ether ETF approval by May 31.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/b1e8032a-cb65-4d8e-9ca8-61b54fb20267.png" alt="" title="">
 <figcaption style="text-align: center;">
 ETF approval by May live chart. Source: Polymarket
 </figcaption>
</figure>
Wealth management firm Bernstein recently suggested ETH may be the only other cryptocurrency to secure an ETF spot in the United States.
“Ethereum with its staking yield dynamics, environmentally friendly design, and institutional utility to build new financial markets, is well positioned for mainstream institutional adoption,” analysts Gautam Chhugani and Mahika Sapra reportedly wrote in a note on Feb. 19.
Meanwhile, Bloomberg’s Eric Balchunas forecasts a 70% chance of approval, suggesting a positive outlook for Ether ETFs amid regulatory delays.
<blockquote class="twitter-tweet">
 Bloomberg ETF analyst Eric Balchunas said he expects a 70% chance of an Ethereum spot ETF being approved in May. The SEC needs to make approval decisions on multiple Ethereum spot ETF applications by the end of May, including VanEck, Ark 21Shares and Hashdex. Digital asset lawyer…— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1745312885298041012?ref_src=twsrc%5Etfw">January 11, 2024</a>
</blockquote> 
The last time Ether traded above $3,000 was nearly 22 months ago, on May 4, 2022, when it reached a high of $2,966 before sinking into an extended bear market that took its price to $883 in June 2022.
ETH’s recent performance may also be connected to the network’s much-anticipated Dencun upgrade. 
Ethereum’s Dencun upgrade, which is targeted for March 13, is expected to implement several EIPs, including EIP-4844, which introduces proto-danksharding. The upgrade simplifies the transaction process by storing some data off the blockchain, speeding up transactions and cutting costs. 
Data from CoinGlass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">shows</a> increasing open interest (OI) in Ether futures market racing a record $10.19 billion, which validates the current volatility in ETH’s price.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/5ad0b8d7-3d3b-4b0d-ad2f-ee84b3bee9e5.png" alt="" title="">
 <figcaption style="text-align: center;">
 Ether futures open interest. Source: CoinGlass
 </figcaption>
</figure>
Many market participants expect the fresh round of bullish price action to continue amid any news surrounding a spot Ether ETF approval and a possible move in the wider crypto market.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ethereum (ETH) price hits $3K for the first time since 2022

Cointelegraph

2024년 2월 20일에 게재된 다른 기사

Altcoin Investors Reap Profits but Face Uncertain Market Stability

Wealthy Ethereum (ETH) Investor Dives into Meme Moguls (MGLS) Presale, Signaling Potential Gains

ETH price outlook: Analysts say $3k “a relatively small obstacle”

Meso Raises $9.5M Seed Rund for Crypto On-Ramp Platform

Pyth Network Introduces Real-Time Analysis for Bitcoin ETFs

Central Bank of Turkey advances digital Lira initiative: Report

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!