Ethereum Bulls Target $3,000 as Analyst Predicts 50% Price Surge
If you are an Ethereum (ETH) investor, you might be excited to learn that some analysts believe the second largest cryptocurrency by market capitalization could reach $3,000 soon. According to top trader Jacob Canfield, ETH could rally over 50% in the next few weeks if bulls can firmly break through resistance at $2,100. Currently, ETH is up over 33% in the past month due to Ethereum ETF prospects and overall crypto market optimism.
ETH Rally and Market Impact
The recent rally in ETH has had a positive impact on related crypto sectors like DeFi. The total DeFi market cap has topped $60 billion again, while Ethereum L2 TVL hit an all-time high above $13.6 billion. On-chain analysis suggests that there is little major resistance until $2,500 based on investor cost bases.
Historical Trends and Future Outlook
Historically, profit-taking is common around these levels and can lead to pullbacks. However, this is unlikely to impact ETH’s long-term trajectory. Additionally, the rally so far has occurred without much involvement from mega ETH whales holding over 10,000 ETH.
Potential for Future Growth
If the bulls can maintain their momentum and finally overcome the pivotal $2,100 resistance zone, Ethereum’s path to $3,000 will look increasingly viable over the coming weeks. The on-chain data remains supportive of further gains as long as ETH holds above $2,100.
Hot Take: Ethereum Continues to Gain Momentum
Overall, Ethereum bulls are setting their sights on a significant price surge with a target of $3,000. With increasing optimism around Ethereum ETF prospects and overall market sentiment driving the rally, there is potential for further growth if key resistance levels are surpassed.
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