1. Quick Take:
At press time, Ethereum trades at 3000$, so far this year Ether has climbed 30% versus Bitcoin’s 22% advance. Ether outperformed Bitcoin earlier this month in part on growing speculation over the potential approval of Ethereum Spot ETF this year, after they authorized spot Bitcoin ETFs in January.
![Ethereum traced a bullish ascending triangle chart pattern](https://insights.blockbase.co/wp-content/uploads/2024/02/ethereum-traced-a-bullish-ascending-triangle-chart-pattern-1024x576.png)
2. Catalysts for Ethereum Surge:
Ether will probably continue to outperform Bitcoin in the coming months, thanks to four main crypto catalysts:
- Firstly, investor demand for Bitcoin ETFs is seen remaining strong, extending a prolonged rally that has also stoked speculative appetite for smaller tokens like Ether.
![Batch of nine new us bitcoin etfs just logged record volume](https://insights.blockbase.co/wp-content/uploads/2024/02/batch-of-nine-new-us-bitcoin-etfs-just-logged-record-volume-1024x551.png)
- Secondly, the Ethereum Dencun Upgrade – the next significant update to the Ethereum network, is set to launch on March 13th, aiming to reduce Layer 2 fees. This development is expected to boost the ecosystem’s growth momentum and, undoubtedly, the price, including a handful of tokens related to Ether (ARB, OP, STRK, etc.).
![ethereum dencun upgrade](https://insights.blockbase.co/wp-content/uploads/2024/02/ethereum-dencun-upgrade-1024x203.png)
- Thirdly, the proportion of Ether being staked has reached an all-time peak of 25%, curbing supply and providing a potential prop for prices.
![Percentage of ethereum staked](https://insights.blockbase.co/wp-content/uploads/2024/02/percentage-of-ethereum-staked-1024x633.png)
- Finally, the prospect of approval of spot Ethereum ETFs by the SEC in May. Bloomberg ETF analyst Eric Balchunas recently suggested a 70% possibility for approval by May 23 — the final deadline for the Securities and Exchange Commission to rule on a spot ether ETF application from Ark and 21Shares, the first that was filed. Moreover, financial institutions including Fidelity, BlackRock and Franklin Templeton have applied for a spot ether ETF over the last few months
![The approval of spot ethereum etfs by the sec](https://insights.blockbase.co/wp-content/uploads/2024/02/the-approval-of-spot-ethereum-etfs-by-the-sec-1024x362.png)
3. The Future Prospects and Price Forecast:
Standard Chartered Bank forecasts ETH could reach $4K (a 30% increase from its current price), drawing parallels with Bitcoin’s performance before the approval of its spot ETF.
![](https://insights.blockbase.co/wp-content/uploads/2024/02/Standard-Chartered-Bank-forecasts-Ethereum-1024x576.png)
The information provided in this article is for reference only and should not be taken as investment advice. All investment decisions should be based on thorough research and personal evaluation.