ETH hits 3100, upgrades to Ethereum network, ETF support, outperforming Bitcoin in gains this year

Last week, driven by Nvidia's financial report, stock markets in Taiwan, the United States, Japan, and Europe all hit record highs. However, Bitcoin seems to have not kept up with this trend, remaining in a large range of 50K to 53K. Meanwhile, Ethereum broke through $3,100 this morning, reaching a level not seen since April 2022.

ETH Surpasses $3,100

Ethereum (ETH) surpassed $3,100 this morning, marking the first time since April 2022. Short-term moving averages are all in a bullish alignment. The next challenge is to test the right shoulder of the previous large head and shoulders pattern, around $3,500, which is also the first resistance level of the Fibonacci Retracement near $3,427.

ETH Outperforms Bitcoin in Yearly Gains

ETH has become a follower of BTC and has outperformed Bitcoin with a +36% increase compared to +22% since the beginning of the year. Ethereum's rebound is attributed to the March upgrade of Dencun support, and there are expectations for the approval of an Ethereum spot ETF by the SEC in May.

Currently, eight ETF issuers have applied for an Ethereum spot ETF, with many review deadlines falling in late May.