Ethereum Price Surges to 2,800 Dollars on Speculation Surrounding Approval of ETH Spot ETF

Crypto News- Ethereum price surges, the cryptocurrency world’s runner-up in terms of market capitalization, has soared to fresh heights, smashing through the $2,800 milestone and hitting levels not glimpsed since the spring of 2022. Traders are now fixated on a potential ascent to $3,500, fueled by the buzz surrounding the potential green light for a spot Ethereum Exchange-Traded Fund (ETF) in the United States.

Ethereum Price Surges to 2,800 Dollars on Speculation Surrounding Approval of ETH Spot ETF

As of the latest update, ETH is exchanging hands at $2,790, marking a 1.5% uptick over the past day, boasting a market cap of $335 billion. The recent surge in Ethereum’s valuation coincides with signs of recovery across the broader crypto landscape. This surge is monumental for ETH, which had dipped to as low as $1,378.53 within the past twelve months.

The Recent Surge in Ethereum’s Value

This milestone serves as a testament to the mounting interest and confidence in ETH as investors and traders scout for opportunities in this rapidly expanding domain. Analysts are entertaining the notion that Ethereum could be on a trajectory back to its former peaks, with the cryptocurrency hitting an all-time high of nearly $5,000 back in November 2021.

Alex Kuptsikevich, a seasoned Market Analyst at FxPro, chimed in with optimism regarding Ethereum’s potential trajectory, remarking:

“Perhaps as part of a new growth spurt, ETH could soon find itself within striking distance of $3,500 – revisiting the heights last witnessed in April 2022.”

He underscored the robust buying interest in ETH, with a remarkable 15% surge in less than nine days, signaling bullish sentiment among investors.

Despite Ethereum’s recent upsurge, it’s imperative to acknowledge the inherently volatile nature of the crypto market, where price swings can be swift and capricious. Ethereum saw an uptick of as much as 7% over a 24-hour span before encountering a modest pullback. Nevertheless, open interest, a gauge of unsettled futures contracts linked to Ethereum prices, has soared to over $9 billion.

Per Coinalyze data, optimistic positions currently make up 57% of futures trades in the past 24 hours, suggesting a prevailing bullish mood among traders.