Ethereum (ETH) Surpasses $3,000. A Step Closer to All-Time High?

• Ethereum (ETH) has hit the $3,000 mark for the first time since April 2022, indicating a significant uptrend in its value.
• Ether outpaces Bitcoin with a 33% surge since the year’s start, surpassing Bitcoin’s 23% increase.

Ether (ETH), the native token of the Ethereum network, surged past the $3,000 mark on Tuesday, marking its highest value since April 2022. Over the past 24 hours, Ether’s price has risen by approximately 3.5%, reaching $3,033, and has displayed a significant 16% increase in the past week, outpacing other major cryptocurrencies, as per data from CoinMarketCap.

This notable upswing in ETH’s value has been triggered by two significant factors: the potential approval of a spot Ethereum exchange-traded fund (ETF) and the imminent Dencun upgrade. 

While the U.S. Securities and Exchange Commission (SEC) has sanctioned various spot Bitcoin ETFs, optimism surrounds the possibility of an Ethereum-based ETF approval. Further, the Dencun upgrade, slated for mid-March at slot 8626176, promises to bring significant enhancements to the Ethereum network. With features like proto-danksharding and fee reductions, it aims to boost network performance, reduce transaction fees, and improve interoperability within Ethereum’s ecosystem.

What is Ethereum (ETH) Next Target?

The broader cryptocurrency market has experienced a bullish trajectory in 2024, with major tokens surpassing their prolonged bearish price levels. Ether has surged by nearly 33% since the beginning of the year, outpacing Bitcoin’s 23% increase. Moreover, Ether is currently only 38% below its all-time high of $4,891, recorded on November 16, 2021.

Ethereum (ETH) Price Chart (Source: TradingView)

According to the daily price chart, if the current bullish trend persists, Ethereum’s rally could continue, with traders eyeing $3,500 as the next resistance level. A breakthrough beyond $3,500 could potentially trigger further momentum for Ethereum and set resistance at $4,000, possibly leading to a new all-time high.

However, in the event of a trend reversal, Ether is likely to find immediate support around $2,754. A breach of this support level could lead to further declines in ETH’s price, undoubtedly reaching $2,487, which might signal a more bearish sentiment in the market.