Ether Breaks $2,680 Amid Bullish Trader Sentiment
The price behavior of Ether and Bitcoin has been closely correlated for many years. A few days ago, Bitcoin surpassed $50,000, which opened the way for Ether. Later, the ETH price corrected slightly, and now the coin is trading at $2,660.
The reason for the growth of the second cryptocurrency could be the active attempts of American legal entities to obtain permission from the US Securities and Exchange Commission (SEC) to launch spot ETFs on Ether in the first half of 2024. Recently, the holding company Franklin Templeton joined these companies, expressing its readiness to launch an Ether ETF.
The ETH rate has been showing rapid growth in the last few weeks. Investors are once again gaining optimism, expecting a new bullish trend to come to the crypto market in the coming months, and Ethereum to break through the $3,000 mark. An important prerequisite for growth was the launch of the Dencun update in the testnet. The developers promised to deploy the update to the main Ethereum network in March.
