- On February 29, the Ethereum price rose above $3500.
- The last time such an indicator was recorded in April 2022.
- Experts believe that the growth in the price of the asset is associated with the upcoming Dencun update.
On February 29, 2024, the Ethereum exchange rate tested the $3500 mark for the first time since April 2022. At the time of writing, the asset is trying to consolidate above this level:
Ethereum’s growth comes along with a sharp jump in the bitcoin price. On the evening of February 28, 2024, the rate of the first cryptocurrency rose sharply above the $63,000 mark.
Note, in the period from February 28 to 29, the volume of liquidations paired with Ethereum on the futures market exceeded $110 million.
Recall, recently an analyst of Grayscale Investments said that the growth of the rate of Ethereum occurred against the background of expectations of Dencun update in March 2024.
In his opinion, the growing interest in liquid staking, the overall growth of network profitability and the potential approval of Ethereum-ETF in May also contributed to the strengthening of the asset’s position.
