The price of Ethereum (ETH) has topped $3,000 U.S. for the first time since April 2022 as excitement builds around the upcoming approval of spot exchange-traded funds (ETFs).
Ethereum's price rose 1.6% over the past 24 hours and has climbed 12% higher over the past week, outpacing all other cryptocurrencies, including Bitcoin (BTC), according to market data.
The price of Ethereum has pulled back slightly in early morning trading and is currently at $2,920 U.S. per digital token.
Meanwhile, Bitcoin's price continues to hover around $52,000 U.S. after rallying at the start of February.
Year to date, Ethereum’s price has risen nearly 30% while Bitcoin’s price has gained 22%.
The price of Ethereum has been climbing on expectations that the U.S. Securities and Exchange Commission (SEC) will approve spot Ethereum ETFs by this summer.
The Wall Street regulator approved spot Bitcoin ETFs for the American market in January and now faces a deadline at the end of May to approve similar Ethereum ETFs.
Market observers see ETF approval as a major potential catalyst for Ethereum as it would allow people and institutions to invest in the cryptocurrency without having to physically own tokens.
The new crop of Bitcoin ETFs has attracted massive amounts of capital so far, with some funds seeing inflows of more than $2 billion U.S.
Traders see the next key resistance level for Ethereum at $3,500 U.S.
