Ethereum Tests a Level Not Seen in Two Years

 

The ongoing bull run in the crypto market, coupled with the anticipation of the potential Ethereum (ETH) ETFs in the U.S., has fuelled ETH’s price to more than $3,000.

It is for the first time ETH has hit the price mark of $3k for the first time in two years.

 

Source: CoinGecko, ETH/USD

It was only the last month that the Securities and Exchange Commission (SEC) approved the applications of more than 10 spot Bitcoin (BTC) ETFs. It has led to the inflow of billions of dollars into the BTC ETF market.

Recommended Read: Bitcoin Exchange-Traded Funds (ETFs)

The excitement doesn’t seem to have ended, with the larger crypto market still rallying.

• ETH’s price rose 0.6% over the past 24 hours and more than 10% over the last seven days.
• Key level of $3,500 is now being eyed by many traders.

Did you know? ETH reached its all-time high (ATH) of $4,891.70 in November 2021.

Ethereum is going to implement the Dencun upgrade next month which will introduce proto-danksharding. The upgrade has the potential to speed up transactions and bring down costs.

It is expected that similar to Bitcoin, the introduction of Ether ETFs will lead to increased adoption of the second largest cryptocurrency among the more traditional retail investors.