Many positive factors in January drove the price of Ethereum to soar, driven by buying pressure.

The price of Ethereum experienced a surge before the expected catalyst for an upward trend in January, prompting investors to buy this cryptocurrency. Data shows that Ether has recently risen by 6% and has increased by 95% since the beginning of the year. Meanwhile, Solana's SOL token has seen an increase of 82%. Two key events in January have caught the attention of investors: the "Dencun" upgrade of Ethereum and the progress of the U.S. Securities and Exchange Commission (SEC) potentially approving a Bitcoin spot exchange-traded fund (ETF). Investors are optimistic that the approval of a Bitcoin spot ETF could have a positive impact on an Ethereum spot ETF.