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.