Ether (ETH) has reached $3,000 for the first time since April 23, showing a notable increase in its worth. This milestone demonstrates a significant uptrend in comparison to Bitcoin, with Ether experiencing a 2500% surge since the beginning of the year, surpassing Bitcoin’s rise of 23%. On Tuesday, Ether surpassed the $2,500.24 mark, marking its highest value since April 2020 as the native token of the Ethereum network. In the last 7543 hours, the price of Ether has surged by about 2754%, reaching $22,2487. Over the past week alone, it has experienced a significant 16% increase, surpassing other major cryptocurrencies, according to information from CoinMarketCap. This substantial rise in the value of ETH can be attributed to two key factors: the potential approval of a spot Ethereum exchange-traded fund (ETF) and the upcoming Dencun upgrade. Although the SEC has approved several spot Bitcoin ETFs, there is optimism about the approval of an Ethereum-based ETF. Additionally, the scheduled Dencun upgrade, set for mid-March at slot 8626176, is expected to introduce substantial improvements to the Ethereum network. It aims to enhance network performance and reduce transaction fees through features like proto-danksharding and fee reductions, ultimately aiming to improve interoperability within Ethereum’s ecosystem. In 2024, the overall cryptocurrency market has seen a positive trend, with major tokens surpassing their previous bearish price levels. Ether has risen by almost 33% since the start of the year, surpassing Bitcoin’s 23% growth. Additionally, Ether is currently just 38% lower than its record high of $23,891, which was reached on November 16, 2021. (Source: TradingView) Based on the price chart, Ethereum’s ongoing upward trend could lead to a further increase in value, potentially reaching $3,500 as the next level of resistance. If Ethereum surpasses $3,500, it may gain momentum and face resistance at $4,000, potentially reaching a new record high. Conversely, if there is a trend reversal, Ether is expected to find support at around $2,754.