Ethereum broke through $2,680 amid bullish sentiment among traders

The price behavior of Ethereum and Bitcoin has been closely correlated for many years. A few days ago, Bitcoin crossed $50,000, which opened the way for Ethereum. Later, the ETH price corrected slightly, and the coin is now trading at $2,660.

The reason for the growth of the second cryptocurrency could be the active attempts of American legal entities to obtain permission from the US Securities and Exchange Commission (SEC) to launch spot ETFs for ether in the first half of 2024. Recently, holding company Franklin Templeton joined these companies in expressing its readiness to launch an ETF for ether.

The ETH price has been growing rapidly over the past few weeks. Investors are again gaining optimism, expecting that in the coming months a new bullish trend will emerge in the crypto market, and Ether will break through the $3,000 mark. An important prerequisite for growth was the launch of the Dencun update on the testnet. The developers promised to deploy the update to the Ethereum main network in March.