Ethereum: The next crypto hotspot

Ethereum, the second-largest cryptocurrency by market capitalization, has been on a tear lately, breaking above the key resistance level of $2,400 and reaching its highest price since mid-2022. The rally has been fueled by a combination of factors, including the anticipation of the Ethereum 2.0 upgrade, the growing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs), and the increasing institutional adoption of the digital asset.

But the most exciting catalyst for Ethereum’s price growth may be yet to come: the approval of the first spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).