Ethereum’s Ether Breaks $3,000 Barrier, Leading Crypto Rally
The digital currency world is abuzz as Ethereum’s Ether (ETH) soared past the $3,000 mark for the first time since April 2022. This milestone is part of Ether’s impressive streak, with a 1.6% increase in the last 24 hours and a remarkable 12% surge in the past week, outshining other cryptocurrencies, according to CoinGecko data.
Not to be left behind, Bitcoin (BTC) is also making waves, advancing more than 2% over the past day and flirting with the $53,000 level. Meanwhile, the broader CoinDesk 20 Index (CD20) saw a modest 0.65% gain during the same period.
The crypto landscape is looking greener in 2024, with major tokens like ETH and BTC significantly outperforming their 2023 valuations. ETH, in particular, has jumped nearly 30% since the start of the year, surpassing BTC’s 22% increase.
Market enthusiasts are now eyeing the $3,500 mark as the next resistance level for ETH, especially as speculation grows around the potential U.S. regulatory approval of spot-based ETH exchange-traded funds (ETFs). Kenny Hearn, chief investment officer at SwissOne Capital, anticipates that ETH could reach levels between $3,150 and $3,300 soon, with $3,600 being a realistic target in the coming month as altcoins gain momentum.
Approval of an ETH ETF could significantly enhance Ethereum’s attractiveness to more conservative, institutional investors, similar to the recent influx seen with new Bitcoin ETFs. Bernstein, a brokerage firm, estimates a 50% chance of a spot ETH ETF approval by May, with a near-certain probability within the next 12 months.
