The price of Ethereum (CRYPTO: ETH) surged past the $3,000 mark for the first time since April 2022 in the last 24 hours.

The second-largest cryptocurrency jumped over 4% in the last 24 hours; nearly 30% since the start of 2024 (surpassing Bitcoin's 22% increase); and 74% over the past year.

This notable increase in Ether's value is occurring as the cryptocurrency market anticipates the U.S. Securities and Exchange Commission's (SEC) potential approval of a spot Ethereum exchange-traded fund (ETF) and the forthcoming EIP-4844 enhancement with the Dencun upgrade.

Market predictions on Polymarket suggest a 45% chance of the SEC approving a spot Ethereum ETF by May 31.

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There is "about a 50% chance of a spot ETH ETF approval by May and a near-certain probability of approval within the next 12 months," according to brokerage firm Bernstein.

Such an ETF would allow traditional investors to gain exposure to Ethereum without directly purchasing the cryptocurrency, potentially attracting significant new capital into the ecosystem.

Furthermore, the Ethereum network is gearing up for the Dencun upgrade, which will introduce EIP-4844.

This technical modification aims to significantly improve transaction scalability and reduce fees, potentially making Ethereum more attractive for use in various applications.

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