Ethereum Rides Bullish Wave Breaking $3000 Barrier, with Possible Further Height In Sight

By: Eva Baxter

The price of Ethereum, the second largest cryptocurrency by market capitalization, recently hit a high of $3,032, surging 27% in the last 30 days. The positive development has been fueled by several factors, including speculation of a potential approval of a spot Ethereum exchange-traded fund (ETF) by the US SEC, optimistic forecasts from companies like Standard Chartered and Bitwise, and the pending Dencun upgrade which is set to enhance Ethereum's network performance.

While the general sentiment remains bullish, some skeptics like Fred Krueger, a Wall Street veteran, argue that Ethereum's current valuation is 'completely detached from reality.' He pointed to the decrease in the Ethereum blockchain's daily active users, and the rise in competition from other blockchains with faster transaction speeds and lower costs. Moreover, Krueger also voiced his skepticism about the potential regulatory future of Ethereum, insinuating that an ETH ETF might not see approval.

Notwithstanding the bearish views, Ethereum seems to be on a roll with cryptocurrency whale transactions also reflecting the positive market sentiment. Ethereum currently trades at $2,923.50, with a daily trading volume increase of 47.10% in the last 24 hours.