There are three key reasons behind the explosive rally of Ether, namely the rapid growth of DeFi, the hype around ETH after the CME futures listing, and the decreasing amount of BTC and ETH on exchanges.
ETH/USDT 4-hour price chart (Binance). Source: TradingView.com CME futures listing institutional hype
Ether hitting $2,000 for the first time ever follows the launch of CME ETH futures earlier this month, which primarily target institutional investors.
Prior to the listing, there was a popular narrative that the CME listing would cause the price of ETH to decline significantly, because the CME Bitcoin futures listing in 2017 coincided with the local BTC top at the time.
However, ETH has continuously rallied since, breaking past its all-time high and surpassing $2,000 on Feb. 20. The new milestone indicates that there