Ethereum (ETH) Approaches $3,000 Threshold Ahead of Dencun

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    The price of Ethereum (ETH) reached nearly $3,000 on February 19th against the backdrop of the community’s expectations for an increase before the Dencun upgrade.

    As of February 19th, the ETH token had reached $2,984. Currently, the price is fluctuating around $2,915, with a market capitalization of $350 billion.

    Ethereum (ETH) sát ngưỡng 3.000 USD trước thềm Dencun

    Despite an almost 20% increase over the week, on-chain data shows that a whale continues to accumulate a large amount of Ethereum (a total of 54,721 ETH) at an average price of $2,845. This indicates that there are many bullish views on Ethereum’s price in the future.

    The recent increase in Ethereum’s price is primarily driven by positive sentiment surrounding the significant Dencun upgrade, which is set to take place on March 13th.

    Furthermore, the approval process for Ethereum spot ETFs is also a hotly debated topic. Although the SEC has not given any indication of approving this type of asset, analysts predict a 50% chance of Ethereum spot ETFs being approved in May, and “nearly certain” approval within a year.

    Biểu đồ ETH-USDT khung 15m

    The ETH/USDT 15-minute chart on Binance, taken at 11:00 AM on February 20th, 2024.

    In addition to ETH, the liquid staking solution for Ethereum has also benefited from this positive news. According to Dune Analytics, Lido Finance is currently the largest protocol holding a market share of 31% in staking assets on ETH, and the stETH token (ETH wrap token on Lido) has also seen a similar increase of 4% in 24 hours.

    The total value locked (TVL) of projects in this segment has increased by 300% in the past year to $5 billion. In addition to Lido, liquid staking protocols such as Rocket Pool, ssv.network, and Stader have become familiar names to investors in the industry since Ethereum successfully implemented The Merge.