Ethereum’s Wild Ride: Could Blackrock’s ETF Approval Launch ETH to $3k?

Hey crypto traders! Ready for some Ethereum excitement? Brace yourselves, because the recent Blackrock ETF news has sent Ethereum (ETH) soaring past $2,000 like a rocket on a mission, maybe even to $3k?

Can Ethereum Reach $3k in 2023?

No more boring numbers, let’s dive into the fun stuff! Picture this: ETH traders are flexing their muscles, proudly holding onto their LONG positions, and the Ethereum price is partying at a 4-month high of $2,150. What’s the secret sauce? Blackrock’s application for an ETH Spot ETF, making waves since November 9.

You can leverage Trade $ETH on Bybit, or you can spot Buy it on Binance.

Now, here’s the plot twist – Ethereum is stealing the spotlight from Bitcoin! ETH/BTC exchange rate jumped 10% within 24 hours after the big announcement. Talk about stealing the thunder! Some savvy institutions might even ditch their BTC bets for the ETH rollercoaster, seeking those sweet, sweet returns.

But wait, there’s more! Derivatives trading data from Glassnode spills the tea – ETH Futures markets are swimming in capital, with open interest hitting $7.75 billion. It’s like a second-highest-for-the-year record-breaking party on November 10! Open Interest is like the VIP list for Ethereum futures contracts – the more, the merrier.

Next Stop

So, what’s next in this rollercoaster ride? ETH traders are literally throwing parties with record fees to keep their bullish positions alive. Glassnode’s on-chain data spills the beans – on November 10, ETH Perpetual Funding Rate hit a peak of 0.034%. That’s crypto lingo for bulls paying shorts and dancing to the market’s beat.

Now, here’s the wild prediction – ETH might just hit $3,000! Ethereum traders are eying those sweet arbitrage opportunities, and if they keep throwing capital into the mix, we might be in for a wild ride. But, and there’s always a but, they need to conquer the $2,300 resistance first. It’s like leveling up in a video game – gotta defeat that boss to reach the next stage.

Oh, and the Global In/Out of the Money (GIOM) data is like our treasure map. It shows 4.2 million holders bought 4 million ETH at $2,280. If they decide to exit, buckle up for a correction. But, if they hold tight, we might just hit $3,000. However, the bears might crash the party if ETH dips below $1,800.

Final Thoughts

In the crypto rollercoaster, only time will tell if Ethereum will reach for the stars or take a detour. Stay tuned for the next episode of “Ethereum: The Bullish Chronicles!” 🚀🌌

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You might also like our recent content about trading on $SOL and $DOT

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