The ether is breaking records: Ethereum's crypto soaring to historic highs!

Ether (ETH), the second most popular cryptocurrency in the market, is drawing investors’ attention due to its exceptional performance. Like bitcoin (BTC), which it follows, it has reached an all-time high price of $3,800. Here’s how analysts explain this surge in power.

The reasons behind the surge of Ethereum’s native crypto

Like the price of bitcoin, ether has shown a remarkable surge in power. A dynamic that has recently taken the crypto to a valuation of $3,800. An absolutely historic record.

While the question arises as to how the asset managed such a performance, Michael Van Pope, a well-known analyst in the crypto industry, gave his opinion on the matter. According to his view, ether’s breakthrough is due to two factors.

The first is linked to expectations around Dencun. This is an upgrade that Ethereum is expected to undergo soon. An update that should address many of the platform’s challenges in terms of transaction fees, scalability, and attractiveness.

The second factor behind the rise of ether comes from speculation about the potential approval of an Ethereum spot ETF. An option that should improve the accessibility of institutional investors to this crypto, similar to what is observed with Bitcoin ETFs.

Ethereum Hits $3,800: Dencun Upgrade and ETF Hype Propel Surgehttps://t.co/JBS63Upqo3

— John Morgan (@johnmorganFL) March 7, 2024

A surge that’s just beginning?

Analyzing the dynamics of ether, Michael Van Pope highlights Ethereum’s certain robustness relative to resistance levels. Moreover, the crypto seems to show a relatively stable behavior compared to bitcoin.

Thus, according to the analyst, ether is demonstrating remarkable resilience. It manages to progress in a more consistent manner. This suggests that it is in a solid position compared to bitcoin and the challenges of the crypto market in general.

Based on this observation, he believes Ethereum is ready to achieve significant new gains in the coming weeks and months. These would also be driven by the Dencun upgrade and the possible approval of an Ethereum spot ETF.

In essence, Michael Van Pope’s projection is not new. In early February, he had notably anticipated a market explosion around Ethereum, driven not only by the two arguments previously mentioned but also by a reallocation of profits from BTC to ETH.