The post Ethereum’s Price Jumps 2.9%, Soon To Hit $3,500 with ETF Approval News appeared first on Coinpedia Fintech News
Ethereum’s price is on the rise, hitting $2,099, showing a 2.9% increase. Meanwhile, some analysts are anticipating further growth, eyeing a potential ascent to $3,500, particularly fueled by discussions surrounding a forthcoming Ethereum Exchange Traded Fund (ETF) approval by the US Securities and Exchange Commission (SEC).
Ethereum Price Can Rally to $3,500
Renowned crypto analyst Michael van de Poppe has shared an optimistic outlook for Ethereum, especially in light of recent developments such as Fidelity’s filing. Van de Poppe forecasts a potential climb to $3,500 in the first quarter of 2024, aligning this projection with the upward trajectory witnessed in Bitcoin.
Additionally, discussions within the crypto sphere suggest that Ethereum might achieve a new all-time high in the year 2024.
Perhaps, a recent surge in Ethereum whale accumulation has captured attention. Last week on-chain data revealed a shifting trend, with major exchange wallet holdings diminishing to 8.03 million ETH, as reported by Coinpedia News.
Simultaneously, non-exchange wallets have experienced a surge, reaching an all-time high of 41.03 million ETH. This trend signifies a growing preference among investors for self-custody, as more significant amounts of Ethereum transition away from centralized exchanges.
Ethereum Outpaced Bitcoin
In November, Ethereum outpaced Bitcoin in price growth, surging by 13% compared to Bitcoin’s 8%. A key catalyst for Ethereum’s upward trajectory was the official filing of a spot ETH ETF by BlackRock.
Despite the waning hype around ETFs, on-chain data suggests that Ethereum’s price volatility has now surpassed that of Bitcoin. This shift may attract short-term traders to allocate more investments in ETH than BTC in December.
In a recent report by IntoTheBlock, Ethereum’s 30-day Average Intra-Day Volatility score was 0.45%, surpassing Bitcoin’s 0.32.
Despite experiencing lateral movements in November, Ethereum’s price moved between $2,133 and $1,917. This back-and-forth movement showed that people in the market weren’t sure what to expect.
Even though Ethereum’s price faced some difficulties recently, there’s a positive pattern called a Double Bottom on the chart. People are now wondering if Ethereum can reach $3,000 before the end of 2023.
As we keep an eye on these changes, Ethereum’s journey continues, and people are excited to see what happens next.