The price movements of Ethereum and Bitcoin have shown a strong correlation over the years. After Bitcoin crossed the $50,000 milestone a few days ago, Ethereum followed suit. However, Ethereum experienced a slight correction, and it is currently trading at $2,660.
One of the factors contributing to the surge in the second-largest cryptocurrency could be the active efforts of American legal entities to obtain SEC approval for launching ether spot ETFs in the first half of 2024. Franklin Templeton, a holding company, recently joined these entities in expressing their readiness to introduce an ETF for ether.
Over the past few weeks, the ETH price has been experiencing rapid growth. Optimistic investors are anticipating the emergence of a new bullish trend in the crypto market in the coming months, with Ethereum potentially breaking through the $3,000 mark. The launch of the Dencun update on the testnet has played a significant role in driving this growth. The developers have announced plans to deploy the update onto the Ethereum main network in March.