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CDS Crypto News Ether Surges to 3K Dollars, Marking a Nearly 2-Year High as Excitement Builds Around ETH ETFs

Crypto News

Ether Surges to 3K Dollars, Marking a Nearly 2-Year High as Excitement Builds Around ETH ETFs

The prospect of a spot ETH ETF approval holds the promise of enhancing the allure of the second-largest cryptocurrency among conservative, institutional investors.

Ecem EFE20/02/20241 Mins read329

Ether Surges To 3K Dollars, Marking A Nearly 2-Year High As Excitement Builds Around Eth Etfs

Crypto News- Ether (ETH), Ethereum’s native token, surged past $3,000 on Tuesday, marking its highest level since April 2022. This increase of about 1.6% over the past 24 hours and more than 12% in the past week has outpaced other cryptocurrencies, as per CoinGecko data.

Bitcoin also saw a positive movement, up more than 2% in the last 24 hours and nearing $53,000. The broader CoinDesk 20 Index (CD20) showed a 0.65% increase over the same period. Overall, 2024 has been a bullish year for cryptocurrencies, with major tokens surpassing their 2023 prices. ETH has surged by nearly 30% since the start of the year, outpacing BTC’s 22% rise.

Ether Surges to 3K Dollars, Marking a Nearly 2-Year High as Excitement Builds Around ETH ETFs

Traders are eyeing $3,500 as the next resistance level for ETH, anticipating the approval of spot-based ETH exchange-traded funds (ETFs) by U.S. regulators. Kenny Hearn, SwissOne Capital’s chief investment officer, stated, “We are very close in this move to levels around $3,150-$3,300. The next level after that would be $3,600, and we think this is quite easily attainable in the next month or so as the alts continue to play catch up.”

An ETF approval could increase ETH’s appeal among more conservative, institutional investors, similar to the massive allocations seen in new bitcoin ETFs that launched last month.

Sources:coindesk

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Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.

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