Ethereum Soars Past $3,000 As Experts Anticipate Network Upgrades, ETF Approval By May
Portfolio Pulse from Murtuza Merchant
Ethereum (ETH) has surged past $3,000, marking its first breach of this level since April 2022, with a 4% increase in the last 24 hours and a 30% rise since the start of 2024. This growth outpaces Bitcoin's 22% increase over the same period. The surge is attributed to anticipation around the U.S. SEC's potential approval of a spot Ethereum ETF and the upcoming Dencun upgrade, including EIP-4844, which aims to enhance transaction scalability and reduce fees. Market predictions indicate a 45% chance of the SEC approving a spot Ethereum ETF by May 31, with brokerage firm Bernstein estimating a 50% chance by May and a near-certain approval within the next 12 months.
February 20, 2024 | 3:04 pm
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Ethereum's price surge past $3,000 is driven by anticipation of an SEC-approved spot ETF and the Dencun network upgrade.
The significant price movement of Ethereum is directly tied to the anticipation of regulatory developments and technical upgrades. The potential approval of a spot Ethereum ETF by the SEC could attract substantial new capital, boosting demand and price. Additionally, the Dencun upgrade, including EIP-4844, aims to improve scalability and reduce transaction fees, making Ethereum more attractive for various applications. These factors contribute to a positive short-term outlook for Ethereum's price.
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