Buckle up, crypto enthusiasts! Ethereum (ETH) has officially broken the $3,000 barrier, marking a significant milestone and igniting speculation of an impending "altseason" – a period where altcoins, like Ethereum, outperform Bitcoin. This rally not only recovers losses from the Terra Luna collapse but also sets its sights on a potential $10,000 target.

Several factors are fueling Ethereum's ascent. The Relative Strength Index (RSI) exceeding 70 indicates strong momentum, while its price outpacing Bitcoin's by 12% highlights improved fundamentals and investor interest. This interest comes from both institutions and retail traders, with ETH being the backbone of many web3 projects and NFTs.

But the real catalyst could be the potential approval of spot Ethereum ETFs in the US by May. With Bitcoin ETFs already gaining traction, analysts predict a 50% chance for similar approval for ETH. This would unlock significant investment opportunities and drive further price appreciation.

Beyond financial factors, Ethereum's upcoming Dencun upgrade promises lower transaction fees on its Layer 2 network, further enhancing its usability and appeal. Additionally, the network's deflationary nature, similar to Bitcoin's halving events, suggests increasing value for existing coins.

Technically, ETH bulls are eyeing a move above $3,000 in the near future, with analysts predicting a potential 25% increase in the next two weeks. While $10,000 might seem ambitious, the current momentum and bullish outlook suggest a bright future for Ethereum.

Key points

Ethereum surpasses $3,000 for the first time in over two years.

Altseason potential fueled by strong fundamentals and investor interest.

Spot Ethereum ETF approval in the US by May could be a game-changer.

Dencun upgrade promises lower fees and enhanced usability.

Technical analysis suggests further upward momentum towards $10,000.