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.
![](https://blogs.airdropalert.com/wp-content/uploads/2023/11/ETH-funding-rates-1024x663.png)
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.
![](https://blogs.airdropalert.com/wp-content/uploads/2023/11/trade-ethereum-coin-1024x585.png)
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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