Ether (ETH) Hits $3K for the First Time in Almost 2 Years

The price of ether (ETH), the native token to the Ethereum network, experienced a 1.6% increase in the past 24 hours and has seen a remarkable 12% rise in the last week, outpacing other cryptocurrencies.

Bitcoin also saw positive movement, advancing more than 2% in the past 24 hours and nearing $53,000. The broader CoinDesk 20 Index (CD20) showed a 0.65% increase during the same period.

Overall, cryptocurrencies have displayed positive performance in 2024, with major tokens surpassing their 2023 price levels. ETH, in particular, has surged by nearly 30% since the beginning of the year, outperforming BTC’s 22% advance.

Traders are eyeing a continuation of ETH’s rally, with a target of $3,500 as the next resistance level. Market participants anticipate that the potential approval of spot-based ETH ETFs could be the next significant development, following the recent launch of new bitcoin ETFs that garnered substantial allocations.

Kenny Hearn, Chief Investment Officer at SwissOne Capital, expressed optimism about ETH’s upward movement, stating, “We are very close in this move to levels around $3,150-$3,300. The next level after that would be $3,600, and we think this is quite easily attainable in the next month or so as the alts continue to play catch up.”

The prospect of an ETH ETF approval by May, with a near-certain probability within the next 12 months, could further enhance Ethereum’s appeal among conservative institutional investors.