Ethereum (ETH) is adding 3.0% to $3048. The altcoin is experiencing high volatility, diving by 4.6% to $2820 and rising by 4.8% to $3096 on Monday alone. A strong support at $3000 is inspiring, as prices have bounced off to the upside four times since April 12. It is likely that the altcoin will keep its upside momentum for the fifth time and recover to $3500.

The altcoin is awaiting the approval of spot ETH-ETFs by the SEC by mid-July, according to Bloomberg. This could bring another $5.0 billion to the market during the first month of trading. Additionally, the altcoin has experienced massive staking contracts opening at $3000 in the Ethereum 2.0 network, with more than 100,000 ETH blocked over the past couple of days.