Ethereum Surges Past $3900 Following ETF Approvals and Upcoming Pectra Upgrade

By: Eva Baxter

Ethereum has experienced a significant boost in its price, climbing to a two-month high of over $3900, following the U.S. SEC's approval of multiple spot Ethereum ETFs. This approval comes as a major milestone, marking the growing recognition of crypto assets as viable financial instruments and potentially ushering in more institutional adoption. This rise in Ethereum coincides with noteworthy gains in Ethereum-based meme coins, PEPE and MOG, which have hit lifetime highs.

Financial experts and industry leaders have expressed optimism that this trend could push Ethereum towards a new all-time high, similar to how Bitcoin ETFs spurred BTC price to surge 70%. Moreover, MicroStrategy's Michael Saylor and DeFiance Capital’s Arthur Cheong have underscored the significance of the ETF approvals, expecting more capital flow into digital assets.

Adding to the bullish sentiment, Ethereum's upcoming Pectra upgrade, slated for early next year, is expected to further enhance the platform. This upgrade focuses on improving the Ethereum Virtual Machine with the introduction of the Ethereum Virtual Machine Object Format and 11 other proposals aimed at streamlining user experience and bolstering security.