The world of cryptocurrency is as exciting as ever and this time it’s Ethereum that is taking the stage.
Ethereum isn’t just holding its own; it’s reaching new highs. Currently at $2,099 with a 2.9% surge, Ethereum has enthusiasts and investors buzzing about the potential climb to $3,500. What’s driving this upward trend? Let’s explore the intriguing developments shaping Ethereum’s journey.
ETH Price
Renowned crypto analyst Michaël 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.
Read More: Whales Activated: A Massive Breakout in the Ethereum (ETH) Price is on the Horizon
Whales in Action
A recent surge in Ethereum whale accumulation has caught market attention. On-chain data shows a shift: major exchange wallet holdings dropped to 8.03 million ETH, while non-exchange wallets surged to a record 41.03 million ETH, as reported by Coinpedia News. This shift suggests a growing preference for self-custody among investors, with significant Ethereum amounts moving away from centralized exchanges.
November’s Win
In a surprise move, Ethereum outpaced Bitcoin in price growth in November, surging by 13% compared to Bitcoin’s 8%. A key catalyst was BlackRock’s official filing of a spot ETH ETF. Despite less buzz around ETFs, on-chain data suggests Ethereum’s price volatility now exceeds Bitcoin’s, possibly drawing short-term traders to invest more in ETH than BTC in December.
Ethereum Takes the Lead
According to IntoTheBlock’s recent report, Ethereum’s 30-day Average Intra-Day Volatility score stands at an impressive 0.45%, beating Bitcoin’s 0.32%. This shift in volatility dynamics could reshape investment strategies, drawing more attention to the dynamic opportunities within the Ethereum market.
Despite facing hurdles in November, Ethereum’s price showed a positive pattern known as a Double Bottom on the chart. As we navigate the unpredictable crypto market, the burning question remains: Can Ethereum reach $3,000 by the end of 2023?
Also Read: Is the SEC Playing Favorites with Bitcoin and Ethereum?
The excitement continues as Ethereum’s journey unfolds, and the crypto community eagerly awaits the next chapter in its compelling story.
