The price of Ethereum (ETH) reached 3 thousand dollars for the first time since 2022
The price of Ether (ETH) rose above $3,000 on February 20 for the first time since April 2022.
Ether On February 19, it rose from a price of $2,881, up more than 4% in the last 24 hours and up 74% in the last 12 months, at 13:45 UTC at $3,000.97 to reach a year-to-date Binance high. According to CoinMarketCap data.
Ether's price performance comes as the market awaits approval of spot ether exchange-traded funds (ETFs) by the United States Securities and Exchange Commission and Ethereum Reform Proposal (EIP) 4844 through Denkun Amendments.
Current Polymarket odds indicate a 45% chance of Ether ETF approval by May 31st.
Wealth management firm Bernstein recently suggested that ETH may be the only other cryptocurrency to secure an ETF position in the United States.
“Ethereum is well-positioned for mainstream institutional adoption with its high product flexibility, environmentally friendly design, and institutional utility for building new financial markets,” analysts Gautam Chugani and Mahika Sapra wrote in a Feb. 19 note.
Meanwhile, Bloomberg's Eric Balchunas predicts a 70% chance of approval, suggesting a positive outlook for ether ETFs amid regulatory delays.
Bloomberg ETF analyst Eric Balchunas said he expects a 70% chance of the Ethereum Spot ETF falling in May. The SEC is expected to make approval decisions on several Ethereum spot ETF applications by the end of May, including VanEck, Ark 21Shares and Hashdex. A digital asset attorney…
— Wu Blockchain (@WuBlockchain) January 11, 2024
The last time Ether traded above $3,000 was 22 months ago, on May 4, 2022, when it peaked at $2,966 before entering an extended bear market that took the price to $883 in June 2022.
ETH's recent performance can also be linked to the network's highly anticipated Denkun update.
The Ethereum Denkun update, targeted for March 13, is expected to implement several EIPs, including EIP-4844, which introduces proto-danksharding. The upgrade will simplify the transaction process by storing some information from the blockchain, speeding up transactions and cutting costs.
Data from CoinGlass shows a record open interest (OI) of $10.19 billion in Ether Futures market competition, confirming the current ETH price volatility.
Many market participants expect the new round of price action to continue amid the approval of the Ether ETF and any news that may take place in the broader crypto market.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
