Ethereum price reached $ 3000, setting a record for 2 years

The second-largest cryptocurrency by market capitalization has surpassed $ 3,000 for the first time since April 2022. One of the main drivers of growth was the expectation of the launch of spot ETFs on ethereum — several applications for such funds are currently under consideration by the US Securities and Exchange Commission (SEC).

The sharp rise in the value of ETH $2,421.63 Bridged Ether (StarkGate) 2.30% Market capitalization $0.18 billion VOL. 24 hours $0.57 billion is explained by a bullish breakout from the ascending triangle pattern observed on the weekly chart in December 2023. Despite the gradual pace of the upward movement, the formation of the ascending triangle indicates a potential future target of $ 3500.

Ethereum’s growth is also driven by the expected Dencun update, which will introduce support for several proposals, including EIP-4844. It is about the use of proto-dunksharding, a data distribution system that will significantly increase the efficiency and throughput of the ethereum.

The last time the ETH rate exceeded $ 3000 was about 22 months ago, and in June 2022, it fell to $ 883. However, ethereum is recovering faster than the broader cryptocurrency market. Many analysts expect the second cryptocurrency to continue growing. For example, Michael van de Poppe believes that ETH will reach $ 3800 or even $ 4500 in the near future.