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Several factors are supporting the price of Ethereum (ETH) at $3,000.

Last night, the price of Ethereum (ETH) rose to around $2,981, its highest level since April 2022. The price of the cryptocurrency rose 4.4% during the day yesterday, and fell 0.84% ​​today. The second-largest cryptocurrency faces crucial resistance before reaching $3,000.

Ethereum (ETH) is returning to its 22-month peak and approaching $3,000.

Monday night I moved Currency Ethereum (ETH) Around the $2,981 level, a level not seen since April 2022, before the Terran ecosystem collapsed. This growth comes as the Ethereum network prepares to update its blockchain with the Dencun update on March 13th. This update is expected to help reduce the cost of the second layer.

Meanwhile, traders expect the US Securities and Exchange Commission (SEC) to approve the first Ethereum ETFs in the next few months in the US. This follows the launch of the first Bitcoin spot funds last month.

And it was Eric BalchunasA Bloomberg ETF analyst noted last month that there is a 70% chance that regulators will give VanEck's ETF approval on May 23, 2024.

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Among other financial asset managers vying for a spot fund on Ethereum, we find giant BlackRock, whose president is interested in acquiring an ETF for the second-largest cryptocurrency by market capitalization. And also Loyalty.

Of particular note is that spot Bitcoin ETFs launched in the US last month continue to be very successful with huge inflows that experts say could increase further.

Also, the cryptocurrency market as a whole supports the possibility of the next Bitcoin halving, scheduled for April. This is increasingly making headlines as analysts recall how previous halvings had a positive impact on Bitcoin's price and the market as a whole.

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In conclusion, the fundamental trend for Ethereum remains positive. However, this does not mean that the second largest cryptocurrency was guaranteed to continue its growth. We don't know what awaits the high-risk market in the coming days.

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