Ethereum Hit $3,000 for the First Time Since April 2022 and Here is Why

• Ethereum price has reached $3,000 for the first time in nearly two years due to renewed interest.
• Major Wall Street firms have proposed ETH ETFs to SEC, allowing traditional investors access if approved.
• Ethereum network is undergoing an upgrade called “Dencun” which will make it faster and cheaper.

Ethereum’s price has reached $3,000 for the first time in nearly two years. What factors are driving renewed interest in the second largest cryptocurrency?

Price Hits Key Milestone

Ethereum (ETH) touched $3,000 for the first time since April 2022, just before the entire crypto market entered a brutal bear market. The price of ETH stands at $3,000, according to CoinMarketCap data, representing a more than 3.4% 24-hour rise. Over the past week, it has risen by 13%.

The Road to Recovery

The last time the second-largest cryptocurrency stood at the $3,000 mark was nearly 22 months ago. One month later, the crypto project Terra collapsed, bringing the price of every digital coin and token with it. ETH has struggled to recover since then.

Wall Street Bets on Ethereum

A lot is now happening in the Ethereum world today, however, and there is more interest in the asset than before. A number of high-profile Wall Street fund managers have proposed spot ETH exchange-traded funds (ETFs) to the Securities and Exchange Commission. If approved, traditional investors would have access to ETH in a safe and regulated way. The likes of BlackRock, Grayscale, and VanEck are hoping to get the green light from the regulator.

The Dencun Upgrade

ETH’s network is also about to undergo a vital upgrade, dubbed “Dencun.” The improvement will bring “proto-danksharding” to the blockchain, promising to make it faster and cheaper to use.

Conclusion

While still below its all-time high, Ethereum’s return to $3,000 shows renewed confidence in the cryptocurrency and its ongoing upgrades. More institutional investment could further propel ETH’s price higher.