Ethereum, the world’s second-largest cryptocurrency by volume, has once again risen to the $2,100 level, showcasing a robust price movement across the market. The surge followed discussions initiated by the U.S. SEC regarding the approval of a spot Ethereum ETF. At the time of writing, ETH has a market value of $252 billion and is trading at $2,099, marking a 2% increase.
Ethereum’s Future Prospects
Crypto analyst Michael van de Poppe has turned his attention to Ethereum’s potential rise following the Fidelity application filing. According to this application, he shared a tweet stating that he believes Ethereum is poised to reach $3,500 by the first quarter of 2024, following Bitcoin‘s rise.
Recent data suggests that Ethereum whale accumulation is continuing robustly. Furthermore, on-chain data shows significant changes in wallet holdings. According to Santiment, the largest Ethereum wallets are exhibiting a positive pattern, indicating a significant shift.
While exchange wallets have receded to their lowest level in six months at 8.03 million ETH, non-exchange wallets have risen to an all-time high of 41.03 million ETH. This trend suggests an increasing preference for self-custody as more coins move away from exchanges.
ETH Price in Dollars
In November, the price of ETH increased by 13%, outperforming Bitcoin’s 8% rise. Several significant factors contributing to Ethereum’s growth include Blackrock’s official application for a spot ETH ETF (Ethereum Exchange-Traded Fund).
However, despite a decrease in media speculation surrounding ETFs, data shows that Ethereum’s price movements have exceeded those of Bitcoin. This trend in Ethereum may encourage undecided investors and short-term day traders to invest more in ETH than BTC in December.
Data from IntoTheBlock indicates that ETH’s 30-day Average Intraday Volatility currently appears higher than that of Bitcoin. According to the provided graph, Ethereum’s average volatility score is 0.45%, while Bitcoin’s is 0.32%.
For a significant part of November, the Ethereum price oscillated between $2,133 and $1,917, indicating a sideways movement. This repeated testing of horizontal levels twice signaled a sense of uncertainty among market participants.
During the 2-week consolidation period in price, Ethereum twice recoiled from the $2,133 resistance, revealing a considerable amount of overall supply. These pullbacks in price sparked rumors of a potential bullish reversal pattern known as a Double Bottom on the daily chart. Whether the ETH price will rise to $3,000 before the end of 2023 remains uncertain.
- Ethereum price shows promising signs of growth.
- Market volatility and investor sentiment are key factors.
- Prospective gains maintain excitement for Ethereum’s future.
