On February 20th, Ethereum (ETH) surpassed $3,000 for the first time since April 2022.

According to data from CoinGecko, Ethereum has risen about 1.6% in 24 hours and more than 12% in the past week, outpacing other major crypto assets.

Bitcoin is also on the move, rising more than 2% in 24 hours to around $53,000. The CoinDesk 20 Index (CD20) rose 0.65%.

The crypto asset market is performing well in 2024. Ethereum is up nearly 30% since the beginning of the year, outpacing Bitcoin’s 22%.

Ethereum’s rally is likely to continue, with traders eyeing $3,500 as the next resistance level as the market builds expectations for Ethereum ETH approval.

“This move brings us very close to the $3,150 to $3,300 level,” said Kenny Hearn, chief investment officer at SwissOne Capital.

“The next level is $3,600, which we think is easily achievable in the next month or so as altcoins continue to rise.”

An increased likelihood of Ethereum ETF approval would increase Ethereum’s appeal among conservative institutional investors. Bitcoin ETFs, which made their market debut in January, have attracted a lot of money.

Bernstein, a major asset management company, said on Wednesday that there is a roughly 50% chance that an Ethereum ETF will be approved by May, and a nearly 100% chance that it will be approved within the next 12 months.

｜Translation/Editing: CoinDesk JAPAN Editorial Department
｜Image: Ethereum price trends (CoinDesk JAPAN)
｜Original text: Ether Hits $3K for First Time in Nearly 2 Years Amid Rising ETH ETF Excitement