With Ether (ETH) breaking the $3,000 barrier for the first time since April 2022, the Ethereum community is enthusiastically exploding. This milestone coincides with Ethereum’s incredible hot streak, which has seen it outperform other significant cryptocurrencies with gains of 1.6% over the last 24 hours and an astounding 12% increase over the last week, according to CoinGecko.

Even Bitcoin, the original cryptocurrency, followed suit, rising more than 2% in the last day and getting close to $53,000. With a 0.65% gain over the same period, the CoinDesk 20 Index (CD20), which measures the size of the cryptocurrency market overall, also demonstrated positive growth.

With key tokens selling well above their 2023 levels, cryptocurrencies have generally had a bullish start to 2024. Compared to Bitcoin’s 22% gain, Ethereum has increased by about 30% since the start of the year.

The Rally of ETH and Its Future Goals

With $3,500 serving as the next barrier level, traders and market watchers are targeting additional gains for ether. The expectation of possible regulatory clearance for Ethereum exchange-traded funds (ETFs) based on spot prices in the United States is what drives this bullish forecast.

“We are very close in this move to levels around $3,150-$3,300,” said SwissOne Capital Chief Investment Officer Kenny Hearn in a CoinDesk interview. After that, the next level would be $3,600, which we believe is readily reachable in the next month or two as the alts keep catching up.”

Approval of the ETH ETF Could Change the Game for Institutional Investors

Now, attention is focused on the possible approval of spot-based Ethereum ETFs, which could significantly alter Ethereum’s appeal to institutional investors that lean more conservatively. Analysts believe that Ethereum could follow the same path as the newly launched Bitcoin ETFs, which proved to be very successful and drew significant investments in the past month.

An ETH ETF approval by May is about a 50% likelihood, with a near-certain probability during the next 12 months, according to a prominent broker’s analysis on Monday. The idea of institutional investment in Ethereum is gaining traction, and this news only serves to fuel the growing excitement within the cryptocurrency community.

Traders and fans of Ethereum are keeping a close eye on the market as Ether smashes above the $3,000 threshold. With the introduction of spot-based Ethereum exchange-traded funds (ETFs), Ethereum might enter a new phase that would better align it with institutional preferences and possibly increase its value in the months ahead. With the expectation that legislative actions will influence Ethereum’s course in 2024 and beyond, the cryptocurrency world is set for an exciting time.