Ethereum (ETH) accelerates and flirts with $3,000

Visit ETH course is close to 3000 dollarsup nearly 5% over 24 hours. Ethereum will soon be producing a hardfork. In particular, the market seems to be betting on theapproval of a ETF spot.

This Monday morning, Ethereum (ETH) is trading at around $2,920, a level not seen since April 2022, just before the Terra ecosystem crashed. In a market generally in the green, its price has appreciated by 4.4% over the past 24 hours. By comparison, Bitcoin (BTC) gained 1.4% to around $52,400.

Ethereum (ETH) price – Tradingview

The rally comes as the runner-up of the crypto market is set to update its blockchain with Dencun next month. ETH developers plan to roll out the hardfork, which will notably reduce costs on L2s, more precisely on March 13.

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Meanwhile, traders expect to see the first spot ETFs on Ethereum approved in 2024 in the US following the launch of the first Bitcoin spot funds last month.

Last week, VanEck submitted a revised S-1A filing for its spot ETF on Ethereum. ARK has also filed a new 19b-4 with new analyses.

Other managers in the running for an Ethereum cash fund include the giant BlackRock, whose boss sees value in having an ETF on the second-largest crypto by market cap, but also Fidelity or Cathie Wood.

Rumours that the first spot ETFs on ether would be approved in March spread this weekend on X. Recognized ETF expert James Seyffart, calmed things down by betting 4 ETH that the SEC would not give the green light in March.

Eric Balchunas, another ETF specialist, indicated in January that there was a 70% chance that the regulator would give its approval in May 2024. The SEC has until May 23 to make a decision on VanEck’s ETF.

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Last night on X, Ethereum co-founder Vitalik Buterin talked about using artificial intelligence for code verification and bug-finding.

“Right now, Ethereum’s biggest technical risk probably lies in code bugs, and anything that could significantly change the game in this regard would be incredible.” he added.

Recently, the number of ethers staked on the Ethereum network reached 25% of the cryptocurrency’s total supply.

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