Ethereum

Rally

Spot

<img width="1280" height="720" src="https://coingape.com/wp-content/uploads/2023/11/ethereum-3660218_1280.jpg" class="attachment-full size-full wp-post-image" alt="Ethereum (ETH) Energy Consumption" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/11/ethereum-3660218_1280.jpg 1280w, https://coingape.com/wp-content/uploads/2023/11/ethereum-3660218_1280-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2023/11/ethereum-3660218_1280-1224x689.jpg 1224w, https://coingape.com/wp-content/uploads/2023/11/ethereum-3660218_1280-768x432.jpg 768w, https://coingape.com/wp-content/uploads/2023/11/ethereum-3660218_1280-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2023/11/ethereum-3660218_1280-150x84.jpg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
The world’s second-largest cryptocurrency Ether (ETH) is showing strong moves with its price regaining $2,1000 levels once again. The bullishness comes as the US SEC opens up <a href="https://coingape.com/just-in-sec-opens-discussion-on-fidelitys-ethereum-etf-proposal/?utm_source=24hrsupdateall" target="_blank" rel="noopener">discussions</a> for the spot Ethereum ETF approval. 
At press time, ETH price is trading 2.9% up at a price of $2,099 with a market cap of $252 billion. 
<h3 id="ethereum-price-can-rally-to-3-500">Ethereum Price Can Rally to $3,500</h3> 
Crypto analyst Michael van de Poppe has expressed his bullishness for Ethereum over the Fidelity filing. In light of this filing, he asserts his belief that following Bitcoin’s surge, Ethereum is poised to reach $3,500 in the first quarter of 2024. As <a href="https://coingape.com/markets/ethereum-price-prediction-is-eth-ready-for-new-ath-in-2024/" target="_blank" rel="noopener">reported</a> by CoinGape, Ethereum also holds the probability to hit a new all-time high in 2024. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> Spot ETF filing by Fidelity! 
 Confirms my thesis that after <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> gets its shine, we’ll see Ethereum running to $3,500 in Q1 2024. 
 — Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1730341962367078881?ref_src=twsrc%5Etfw">November 30, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
As reported last week, the <a href="https://coingape.com/ethereum-eth-price-back-above-2000-amid-whale-accumulation/" target="_blank" rel="noopener">Ethereum whale accumulation</a> has been going on pretty strongly. Additionally, on-chain data shows the major exchange of wallet holdings. According to Santiment, the largest Ethereum wallets are exhibiting a positive pattern, indicating a significant shift. 
Exchange wallets have dropped to their lowest in the past six months, standing at 8.03 million ETH, while non-exchange wallets have surged to an all-time high of 41.03 million ETH. This trend suggests a growing preference for self-custody, as more coins are transitioning away from exchanges. 
<figure id="attachment_167092" aria-describedby="caption-attachment-167092" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-167092" src="https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-Price-News.jpeg" alt="" width="1587" height="1045" srcset="https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-Price-News.jpeg 1587w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-Price-News-300x198.jpeg 300w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-Price-News-1224x806.jpeg 1224w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-Price-News-768x506.jpeg 768w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-Price-News-1536x1011.jpeg 1536w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-Price-News-150x99.jpeg 150w" sizes="(max-width: 1587px) 100vw, 1587px">
 <figcaption id="caption-attachment-167092" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1730346494967132475" target="_blank">Santiment</a>
 </figcaption>
</figure> 
<h3 id="eth-price-volatility-and-action-ahead">ETH Price Volatility and Action Ahead</h3> 
In November, ETH’s price surged by 13%, outpacing Bitcoin’s 8%. A significant factor contributing to Ethereum’s growth was Blackrock’s official filing for a spot ETH ETF (Ethereum-based Exchange Traded Fund). 
Nevertheless, with the diminishing media hype around ETFs, on-chain data reveals that Ethereum’s price volatility has surpassed that of Bitcoin. This trend might entice swing traders and short-term day traders to allocate more investments in ETH than BTC in December as well. 
As per IntoTheBlock, ETH’s 30-day Average Intra-Day Volatility has currently exceeded that of Bitcoin. The provided chart illustrates Ethereum’s Average Volatility score at 0.45%, surpassing Bitcoin’s score of 0.32%. 
<img decoding="async" class="aligncenter size-full wp-image-167094" src="https://coingape.com/wp-content/uploads/2023/12/ETH-Price-Volatility.png" alt="" width="789" height="620" srcset="https://coingape.com/wp-content/uploads/2023/12/ETH-Price-Volatility.png 789w, https://coingape.com/wp-content/uploads/2023/12/ETH-Price-Volatility-300x236.png 300w, https://coingape.com/wp-content/uploads/2023/12/ETH-Price-Volatility-768x603.png 768w, https://coingape.com/wp-content/uploads/2023/12/ETH-Price-Volatility-150x118.png 150w" sizes="(max-width: 789px) 100vw, 789px"> 
During a significant portion of November, the Ethereum price experienced lateral movement, oscillating between $2133 and $1917. Repeated testing of these horizontal levels twice each indicated a sense of uncertainty among market participants. 
During the recent two weeks of consolidation, the Ethereum price faced two setbacks from the $2133 resistance, revealing considerable overhead supply. These reversals have underscored the formation of a bullish reversal pattern recognized as a Double Bottom on the daily timeframe chart. The question remains whether the <a href="https://coingape.com/markets/ethereum-price-prediction-will-eth-surpass-3000/" target="_blank" rel="noopener">ETH price will hit $3,000</a> before the end of 2023. 
The post <a rel="nofollow" href="https://coingape.com/eth-price-jumps-2-5-analysts-expect-3500-amid-ethereum-etf-approval-soon/">ETH Price Jumps 2.5%, Analysts Expect $3,500 Amid Ethereum ETF Approval Soon</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

ETH Price Jumps 2.5%, Analysts Expect $3,500 Amid Ethereum ETF Approval Soon

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