Ethereum

Merge

Bitcoin

Propel

Ethereum (ETH), the second-largest cryptocurrency, has seen a significant price increase over the past month. The recent bullish rush in the crypto market, coupled with BlackRock’s involvement, has pushed ETH to its year-to-date high of $2,139. 
<h2 id="ethereum-outshines-bitcoin-and-altcoins">Ethereum Outshines Bitcoin And Altcoins</h2> 
<a href="https://research.kaiko.com/newsletters" target="_blank" rel="noopener nofollow">According </a>to market data provider Kaiko, ETH has outperformed BTC and many altcoins in recent weeks, signaling a shift in market dynamics. 
Kaiko’s report highlights how ETH struggled to gain momentum over the past year, despite successful upgrades such as The Merge in April.&nbsp; 
However, the sentiment around ETH changed dramatically when BlackRock filed for a <a href="https://www.newsbtc.com/news/ethereum/ethereum-price-cracks-above-2000-as-blackrock-eyes-eth-etf/" target="_blank" rel="noopener ">spot ETH exchange-traded fund</a> (ETF), leading to a reversal in the ETH to Bitcoin (BTC) ratio. 
The impact on the market was substantial, with ETH prices surging above $2,000 for the first time since April. Additionally, daily spot trade volumes reached $7 billion, the highest level since the <a href="https://www.newsbtc.com/news/solana/solana-flying-bulls-post-ftx-collapse-losses-reversed/" target="_blank" rel="noopener ">collapse of FTX</a>.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-560510" src="https://www.newsbtc.com/wp-content/uploads/2023/11/unnamed.png?w=860&amp;resize=860%2C469" alt="Ethereum" width="860" height="469" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/unnamed.png?w=1100 1100w, https://www.newsbtc.com/wp-content/uploads/2023/11/unnamed.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/unnamed.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/unnamed.png?w=860&amp;resize=860%2C469 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/unnamed.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
The <a href="https://www.newsbtc.com/news/ethereum/blackrock-ethereum-spot-etf/" target="_blank" rel="noopener ">ETH ETF narrative </a>provided further impetus to the ongoing rally, amplified by improved global risk sentiment and declining US Treasury yields. 
The dominance of altcoin + ETH volume relative to <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-37000-spot-etf/" target="_blank" rel="noopener ">BTC </a>has risen to 60%, marking its highest level in over a year. During bull rallies, altcoin volume typically increases relative to BTC.&nbsp; 
This surge in demand has also led to rising leverage, as reflected in the recovery of ETH open interest to early August levels. Notably, BTC open interest has declined over the past month due to liquidations on <a href="https://www.newsbtc.com/binance/binance-freezes-11-8-million-in-stolen-assets-following-kidnapping-incident-details/" target="_blank" rel="noopener ">Binance</a>, resulting in the Chicago Mercantile Exchange (CME) outpacing Binance as the largest BTC futures market. 
Furthermore, ETH funding rates, a gauge of sentiment and bullish demand, have reached their highest levels in over a year, indicating a significant shift in sentiment. In November, both BTC and ETH 30-day volatility rose to 40% and 50% respectively, following a multi-year low of around 15% during the summer months. 
<h2 id="crypto-expert-predicts-eth-breakout">Crypto Expert Predicts ETH Breakout</h2> 
Renowned crypto expert Michael Van de Poppe <a href="https://x.com/CryptoMichNL/status/1724055350582595815?s=20" target="_blank" rel="noopener nofollow">believes </a>that ETH is on the cusp of a significant breakthrough. According to Van de Poppe, if Ethereum manages to surpass the crucial $2,150 resistance level, it could signify the end of the bear market.&nbsp; 
Drawing a parallel with Bitcoin’s critical $30,000 barrier, Van de Poppe suggests that breaching this level could pave the way for a substantial rally, potentially propelling Ethereum towards the price range of $3,100 to $3,600.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/x4BQxEp2/" alt="Ethereum" width="1815" height="858"> 
However, Ethereum has yet to touch the $2,150 resistance line, as it faces a pre-existing obstacle in the form of its yearly high of $2,139. This pivotal level has halted the cryptocurrency’s bullish momentum, acting as a formidable resistance.&nbsp; 
As a result, Ethereum has been consolidating within a narrow range between $2,050 and $2,100 for the past three days. 
The forthcoming days will reveal whether Ethereum can overcome its immediate resistance levels and establish a consolidated position above them. Alternatively, it may face a fate similar to Bitcoin, which failed to surpass the $31,000 level for over seven months before reaching its current trading price of $36,000. 
Featured image from Shutterstock, chart from TradingView.com

Ethereum Bulls May Propel Price To $3,100, Analyst Suggests

Table of Contents

NewsBTC

Other articles published on Nov 14, 2023

Hon’ble MoS Rajeev Chandrasekhar joins India’s tech event

OKX unveils exclusive Layer-2 blockchain powered by Polygon

Bitcoin (BTC) Price May Not Break Previous ATH Ahead of Halving, Here’s Why

BlackRock has not filed for a Spot XRP ETF, spokesman confirms

Coinbase’s International and Business Development Vice President Nana Murugesan Announces Departure

Will Injective (INJ) Price Reach New All-Time High During Hackathon?

Join our free newsletter for daily crypto updates!