Ethereum Hits $3K Milestone, Bullish Trend Continues

IndustryTrends

Ether (ETH) reached $3,000 for the first time since April 2022 on Feb. 20, 2024.

ETH outperformed other cryptocurrencies, rising 12% in the past week and 74% in the past year.

The rally was driven by the anticipation of a spot ETH ETF approval by the SEC and the Dencun upgrade on the Ethereum network.

 A spot ETH ETF would boost ETH's appeal among institutional investors, while the Dencun upgrade would improve the network's scalability and efficiency.

Analysts and traders expect ETH to continue its bullish trend, with the next resistance level at $3,500.

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