Ethereum Price Reaches $2,100
The price of Ethereum (ETH), the second-largest cryptocurrency in the world, has surged and reached $2,100 once again. This bullish movement is happening as the US Securities and Exchange Commission (SEC) begins discussions for the approval of a spot Ethereum exchange-traded fund (ETF).
Currently, ETH is trading at $2,099 with a market capitalization of $252 billion.
Predictions for Ethereum Price
Crypto analyst Michael van de Poppe is optimistic about Ethereum’s future. He believes that after Bitcoin’s surge, Ethereum will reach $3,500 in the first quarter of 2024. He also suggests that Ethereum has the potential to achieve a new all-time high in 2024.
According to Van de Poppe’s tweet:
#Ethereum Spot ETF filing by Fidelity!
Confirms my thesis that after #Bitcoin gets its shine, weβll see Ethereum running to $3,500 in Q1 2024.
— MichaΓ«l van de Poppe (@CryptoMichNL) November 30, 2023
Ethereum whales have been accumulating the cryptocurrency strongly. On-chain data also shows a significant shift in wallet holdings, with exchange wallets decreasing and non-exchange wallets reaching an all-time high. This suggests a growing preference for self-custody.
Ethereum’s Price Volatility
In November, Ethereum’s price increased by 13%, surpassing Bitcoin’s 8% growth. One contributing factor to Ethereum’s rise was Blackrock’s filing for a spot ETH ETF. However, on-chain data reveals that Ethereum’s price volatility has exceeded Bitcoin’s, potentially attracting more short-term traders to invest in ETH.
According to IntoTheBlock, Ethereum’s 30-day average intra-day volatility is currently higher than Bitcoin’s. The chart provided shows Ethereum’s average volatility score at 0.45% compared to Bitcoin’s score of 0.32%.
Throughout November, Ethereum experienced lateral movement between $2,133 and $1,917. This consolidation period highlighted uncertainty in the market. However, recent price action has formed a bullish reversal pattern known as a Double Bottom on the daily timeframe chart.
Hot Take: Will ETH Hit $3,000 in 2023?
The question remains whether Ethereum will reach $3,000 before the end of 2023. With positive indicators such as the potential approval of a spot Ethereum ETF and increasing preference for self-custody among investors, it is possible that ETH could continue its upward trajectory in the coming months.
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