Ethereum’s Rough Journey: Could Blackrock’s ETF Approval Help ETH Rise to $3,000?

Cryptocurrency traders! Are you ready to get excited about Ethereum? Stay on your toes because the recent Blackrock ETF news has sent Ethereum (ETH) soaring past $2,000 and maybe even $3,000 like a rocket on a mission.

Can Ethereum reach $3,000 in 2023?

No more boring numbers, dive into fun content! Picture this: ETH traders are flexing their muscles, proudly holding LONG positions, and the price of Ethereum is soaring to a four-month high of $2,150. What’s the secret sauce? Blackrock’s ETH Spot ETF application has been making waves since November 9th.

You can utilize $ETH Trade on Bybit or find Buy it on Binance.

Now there’s a twist. Ethereum is stealing Bitcoin’s spotlight! The ETH/BTC exchange rate surged 10% within 24 hours of the big announcement. Talk about stealing the thunder! Some savvy institutions may abandon their BTC bets on the ETH roller coaster in pursuit of sweet, sweet returns.

But there’s more! Glassnode’s derivatives trading data was leaked. The ETH futures market is swimming in capital with open interest reaching $7.75 billion. On November 10th, it was like the second highest record party of the year! Open interest is like the VIP list of Ethereum futures contracts. The more the merrier.

next stop

So what’s next on this roller coaster ride? ETH traders are literally partying with record fees to sustain their bullish positions. Glassnode’s on-chain data was leaked. On November 10, the ETH perpetual funding rate hit a high of 0.034%. It’s a cryptocurrency term for a bull who pays short and dances to the beat of the market.

So, here’s a wild prediction. ETH may reach $3,000! Ethereum traders are taking note of these great arbitrage opportunities, and if they continue to throw capital into the mix, we could be in for a huge adventure. But as always, they must first overcome resistance at $2,300. It’s like leveling up in a video game. You must defeat the boss to reach the next level.

Oh, and Global In/Out of the Money (GIOM) data is like our treasure map. It turns out that 4.2 million holders purchased 4 million ETH at $2,280. If you decide to head out, buckle up for your fix. But if they hold on tight, we might get to $3,000. However, if ETH falls below $1,800, weakness could crash the party.

final thoughts

On the cryptocurrency roller coaster, only time will tell whether Ethereum will reach the stars or detour. Stay tuned for the next episode of “Ethereum: The Bullish Chronicles!” 🚀🌌

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