Ethereum (ETH) has hit the $3,000 mark for the first time since April 2022, indicating a significant uptrend in its value.. Ether outpaces Bitcoin with a 33% surge since the year’s start, surpassing Bitcoin’s 23% increase.. Ether (ETH), the native token of the Ethereum network, surged past the $3,000 mark on Tuesday, marking its highest value since April 2022. Over the past 24 hours, Ether’s price has risen by approximately 3.5%, reaching $3,033, and has displayed a significant 16% increase in the past week, outpacing other major cryptocurrencies, as per data from CoinMarketCap.. This notable upswing in ETH’s value has been triggered by two significant factors: the potential approval of a spot Ethereum exchange-traded fund (ETF) and the imminent Dencun upgrade.. While the U.S. Securities and Exchange Commission (SEC) has sanctioned various spot Bitcoin ETFs, optimism surrounds the possibility of an Ethereum-based ETF approval. Further, the Dencun upgrade, slated for mid-March at slot 8626176, promises to bring significant enhancements to the Ethereum network. With features like proto-danksharding and fee reductions, it aims to boost network performance, reduce transaction fees, and improve interoperability within Ethereum’s ecosystem.. The broader cryptocurrency market has experienced a bullish trajectory in 2024, with major tokens surpassing their prolonged bearish price levels. Ether has surged by nearly 33% since the beginning of the year, outpacing Bitcoin’s 23% increase. Moreover, Ether is currently only 38% below its all-time high of $4,891, recorded on November 16, 2021.. Ethereum (ETH) Price Chart (Source: TradingView). According to the daily price chart, if the current bullish trend persists, Ethereum’s rally could continue, with traders eyeing $3,500 as the next resistance level. A breakthrough beyond $3,500 could potentially trigger further momentum for Ethereum and set resistance at $4,000, possibly leading to a new all-time high.. However, in the event of a trend reversal, Ether is likely to find immediate support around $2,754. A breach of this support level could lead to further declines in ETH’s price, undoubtedly reaching $2,487, which might signal a more bearish sentiment in the market.. share