The price of %Ethereum ($ETH) is nearing $4,000 U.S. as the rally in %Cryptocurrencies accelerates.
Ethereum, which is the second-largest cryptocurrency by market capitalization, is currently trading at $3,985 U.S.
The digital token has not traded above the $4,000 U.S. level since December 2021.
Ethereum’s price has now gained 70% so far in 2024 and continues to rise alongside %Bitcoin ($BTC), which hit an all-time high above $69,000 U.S. on March 5.
While the price of Bitcoin and other cryptocurrencies briefly fell after the all-time high was reached, the rally in %DigitalTokens has since reignited with prices marching higher once again.
In the last month, Ethereum’s price gains have surpassed those of Bitcoin. Ethereum has risen 67% higher while Bitcoin has climbed 57% since the start of February, according to market data.
In addition to growing with the entire cryptocurrency market, Ethereum is also getting a tailwind from expectations that the U.S. Securities and Exchange Commission will approve spot ETH exchange-traded funds (ETFs) this summer.
Some analysts are forecasting that Ethereum’s price could reach as high as $10,000 U.S. by year’s end, driven higher by the catalyst of spot ETF approvals.
