Ethereum Tops the Charts

Even when pretty much everything has been red in honour of Valentine’s Day this week, the crypto markets seem to be following a different path.

From Bitcoin hitting highs not seen since 2021, to Ethereum breaking above the $2,800 level since May 2021 – it has definitely been a green week for crypto markets.

Maybe that’s crypto’s gift for us on Valentine’s? Or there is something else going on in the markets?

What’s happening, really?

The price of ether (ETH) rose through the $2,800 mark for the very first time since May 2022 as traders have been betting on the possibility of a spot ETH exchange-traded funds (ETFs) approval in the U.S.
(Who else is tired of reading about ETFs…)

It is no secret that the anticipation of a potential Ethereum ETF approval has been a major catalyst behind the recent bullish sentiment surrounding ETH.

Notable financial institutions such as BlackRock Inc (NYSE: BLK), Franklin Templeton, Grayscale Investments, and Fidelity Investments, among others, have already submitted applications for an Ethereum ETF.

Crypto Fear & Greed Index has also hit its highest point since Bitcoin’s 2021 record high. 

• Ether was up +3.27% on February 15th, 2024.Traders are now eyeing a potential target of $3,500.

• The recent rally in Ethereum price comes am Ether id signs of recovery in the broader crypto market. 

• This growth is deemed pivotal for the second-largest cryptocurrency, whose price slumped to as low as $1,378.53 in the past year. 

• This milestone indicates the growing interest and confidence in ETH as investors and traders seek opportunities in this space.

Did you know?  Ethereum’s lifetime peak was $5,000 in November 2021.

Recommended Read: Ethereum Explained

At time of writing, ETH is trading at $2,814.01.