NEW YORK, February 20, 2024 - On Tuesday, Ethereum (ETH), the primary token of the Ethereum network, surged past $3,000 for the first time since April 2022, continuing its strong performance. The price of Ether has increased by approximately 1.6% in the last 24 hours and over 12% in the past week, outperforming other cryptocurrencies, according to CoinGecko data.

Bitcoin also experienced a rise, climbing more than 2% in the past 24 hours and approaching $53,000. The CoinDesk 20 Index (CD20) increased by 0.65% during the same period.

The broader cryptocurrency market has seen significant gains in 2024, with major tokens like ETH rising nearly 30% since the start of the year, compared to Bitcoin’s 22% increase. Traders are eyeing $3,500 as the next key resistance level for ETH, fueled by expectations that spot-based Ethereum exchange-traded funds (ETFs) might receive U.S. regulatory approval soon. Kenny Hearn, chief investment officer at SwissOne Capital, indicated that ETH could reach $3,600 within the next month, with ongoing positive momentum in the altcoin market.

A potential approval of a spot ETH ETF would likely attract conservative institutional investors, similar to the significant interest seen in newly approved Bitcoin ETFs. Bernstein projected a 50% chance of a spot ETH ETF approval by May and a high probability within the next year.