Bulls could send ETH price to $3,100
14 Nov 2023
The price of Ethereum has risen significantly over the past month, reaching a year-to-date high of $2,139.
Indeed, ETH has outperformed Bitcoin and several altcoins in recent weeks, indicating a shift in market dynamics, according to market data provider Kaiko.
Ethereum has fought to gain momentum over the last year despite upgrades, including The Merge back in April, according to Kaiko’s report.
However, there was a radical turnaround in sentiment when BlackRock filed for a spot ETH exchange-traded fund (ETF), resulting in a reversal in the ETH to Bitcoin ratio, News BTC reports.
This led to ETH prices surpassing the $2,000 mark for the first time since April. Moreover, daily spot trade volumes hit $7 billion, the highest since the FTX collapse.
The dominance of altcoin + ETH volume relative to Bitcoin has increased to 60%, the highest in more than a year. Indeed, during bullish rallies, altcoin volume usually rises relative to Bitcoin.
The rising demand also resulted in increasing leverage, as shown in the recovery of ETH open interest to levels seen at the beginning of August.
Additionally, ETH funding rates have hit their highest levels in more than a year, signalling a considerable change in sentiment.
This month, BTC and ETH 30-day volatility has risen to 40% and 50%, respectively, following a multi-year dip of around 15% over the summer, the News BTC report goes on to say.
Furthermore, ETH could be on the verge of a significant breakthrough, according to recognised crypto expert Michael Van de Poppe. Should Ethereum exceed the $2,150 resistance level, it may indicate the bear market has reached an end, said Van de Poppe.
He added that surpassing this resistance level could lead to a considerable rally, which could drive Ethereum in the direction of the $3,100 to $3,600 price range.
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