Ethereum Hits $2,680 Amid Bullish Sentiments

Ethereum broke the $2,680 mark amidst bullish sentiments among traders. The price of ETH has closely followed Bitcoin's movements for many years. Just a few days after Bitcoin surpassed $50,000, Ethereum followed suit. However, ETH's price has slightly corrected since then and is currently trading at around $2,660.

One of the reasons for Ethereum's surge could be the active efforts of U.S. entities to obtain approval from the Securities and Exchange Commission (SEC) to launch spot ETFs on Ethereum in the first half of 2024. Recently, Franklin Templeton, a holding company, expressed readiness to launch an ETF on Ethereum, joining other companies in this pursuit.

Over the past few weeks, Ethereum has demonstrated rapid growth, sparking optimism among investors. Many anticipate a new bullish trend in the cryptocurrency market in the coming months, with Ethereum potentially surpassing the $3,000 mark. The upcoming launch of the Dencun upgrade in the testnet adds to the momentum, with developers promising to deploy the upgrade on the Ethereum mainnet as early as March.