- On February 20, 2024, the Ethereum exchange rate reached $3000.
- The asset updated the maximum since April 2022.
- Ethereum’s growth came on the back of the upcoming Dencun update in March 2024.
On February 20, 2024, the price of Ethereum tested $3000, according to TradingView. This is a new high from April 2022.
At the time of writing, the asset is trading near $2980:
Ethereum liquidations on the futures market topped $48 million between Feb. 19 and Feb. 20, according to CoinGlass. It took the lead among other cryptocurrencies in this figure.
According to analysts at JPMorgan Bank, Ethereum has every chance of surpassing bitcoin and other cryptocurrencies in terms of growth in 2024. Expert Greg Magadini considers the asset more promising. He noted that Ethereum is characterized by a high rate of supply reduction.
According to Magadini, the reduction in transaction costs that the Dencun update is expected to bring and the increased steaking activity contribute to the strengthening of Ethereum’s position in the market.
The expert also pointed to the possible approval of spot Ethereum-ETFs in 2024. Presumably, this could happen in May, according to Standard Chartered Bank.
