Ethereum surpasses $3,000 fueled by bullish breakout and growing optimism for spot Ethereum ETF approval in the United States.
Ethereum, the second-largest digital currency by market capitalization, has exceeded the $3,000 mark for the first time since April 2022.
Ethereum Reaches New Milestone
This recent uptick in value is attributed to a bullish breakout from an ascending triangle pattern identified on the weekly chart in December 2023. Although its ascent has been gradual, the formation of the ascending triangle indicates a potential future target of $3,500 for Ethereum.
The surge in Ethereum's value is partially driven by growing optimism surrounding the potential approval of a spot Ethereum ETF (exchange-traded fund) in the United States. This anticipated development is expected to heighten speculation around Ethereum, potentially pushing its value even higher.
