Ethereum (ETH) has experienced a significant surge, crossing the $3,000 mark for the first time since April 2022. This bullish trend is attributed to various factors including the anticipation of the Dencun upgrade, a notable increase in transactions on Layer 2 solutions, and a rising volume of trading activity across ETH spot markets. Additionally, $11 billion worth of ETH has been burned since the implementation of EIP-1559, highlighting the asset's deflationary mechanism. Ethereum's performance has outshone Bitcoin's in the past week, with a nearly 4% increase in a single day and a total of 28% since the beginning of February. The gap between Ethereum and Bitcoin is expected to widen further, as ETH 2.0 staking deposit trends suggest increased interest. Market analysts speculate that Ethereum could potentially exceed $10,000 in this cycle, bolstered by its strong supply outlook and increasing demand in futures and options markets.