Ethereum
Ether Hits $3,000 for First Time in Nearly 2 Years Amid Planned Approval of ETH Exchange Traded Fund
The price of ether (ETH)the native token of the Ethereum network, has increased pass $3,000 for the first time since April 2022 on Tuesday, continuing a recent hot streak.
The price of Ether rose about 1.6% in the past 24 hours and more than 12% in the past week, outpacing other cryptocurrencies, according to CoinGecko data.
Bitcoin price was also on the move, up more than 2% in the past 24 hours and near $53,000.
The broader CoinDesk 20 Index (CD20) was ahead by 0.65% over the same period.
Cryptocurrencies as a whole have had a green 2024 so far, with major token prices well above 2023 levels. ETH has surged nearly 30% year-to-date, outperforming the 22% advance of BTC.
ETH Rally May Continue, With Traders targeting $3,500 as the next resistance level as market participants predict that spot ETH exchange-traded funds (ETFs) could be next in line for US regulatory approval.
“We are very close to reaching levels around $3,150 to $3,300,” Kenny Hearn, chief investment officer of SwissOne Capital, said in an interview with CoinDesk. “The next level would be $3,600 and we believe that will be fairly easily achievable over the next month as alts continue to catch up.”
Potential approval would boost ETH’s appeal among more conservative institutional investors, just as new Bitcoin ETFs that debuted last month attracted massive allocations.