Ethereum (ETH) Has Crossed 3K Mark: Why is ETH Rallying?

Ethereum (ETH) has surged past the $3,000 mark on February 20, 2024, marking a significant milestone for the cryptocurrency. This achievement comes after a perilous period following its previous peak in April 2022, where it plummeted to $896.11 amidst a bear market.

Timeline of Ethereum

Three Ethereum (ETH) whales abruptly withdrew more than $64 million worth of the second-largest digital asset from a pair of centralized exchanges in a matter of days, according to the crypto tracker Lookonchain. Lookonchain reports that one whale withdrew 14,632 ETH worth $45.5 million from Binance over six days.

Ethereum (ETH), the second-largest cryptocurrency, has grabbed the spotlight after it surged past $3,200 yesterday. However, the rally has led to an increased selling pressure since long investors are trying to realize their profits.

Coinbase Global Inc (NASDAQ:COIN) CEO Brian Armstrong spoke about new ventures in Ethereum (CRYPTO: ETH) based products during a Thursday earnings call. What Happened: He said, “We've been named as the custodian in 5 of the 8 ETH ETF applications.

After breaking past $2,500 resistance, Ethereum appears poised for a renewed rally targeting $4,000 in the near future as analysts turn overwhelmingly bullish on its ascending price channel.

Bitso—the crypto-powered financial services company in Latin America—announced that it has integrated a third Layer 2 solution that will facilitate fast and efficient transactions with Ethereum thanks to the incorporation of the Optimism network.

The cryptocurrency market traded mostly high this week, led by Bitcoin and Ethereum, with other cryptocurrencies, including Cardano, XRP, and AVAX, also showing heightened price movements. LINK emerged as a big gainer, trading at $20.42 after a 10.16% gain in the past day and a remarkable 27.12% gain in the past week.

Popular crypto podcaster Lark Davis sees the U.S. Securities and Exchange Commission (SEC) approving more spot Exchange-Traded Funds (ETFs) for altcoins later this year after the approval of several spot Bitcoin ETFs last month.

British Virgin Islands, February 13, 2024 – DeFi lending protocol & decentralized exchange Dolomite has announced its long-awaited launch on Polygon zkEVM, expanding its protocol to one of the largest and most vibrant ecosystems in crypto.

DR Sei upgrades its Devnet with a parallelized EVM for rapid application deployment. Ethereum developers can now deploy their applications on the project without modifying their code. The firm aims to offer an experience similar to traditional web applications, with high speed and efficiency.

Wall Street titan and Asset manager Franklin Templeton has applied for an Ethereum Spot Exchange-Traded Funds (ETF) after a struggle to gain approval for their Bitcoin Spot ETF in early January. Asset Manager Files For Spot Ethereum ETF Asset managers have gravitated toward the Ethereum spot ETF since the United States Securities and Exchange Commission (SEC) approved the Spot Bitcoin ETF.