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Ethereum (ETH) bulls are leaving no stone unturned as they deal with FOMO amid what seems like a pre-Christmas rally powered by fresh developments in the area of spot exchange-traded funds (ETFs). The largest smart contracts token extended the bullish leg above $2,000 for the first time since July after news broke that BlackRock, the world’s largest asset manager made the first step toward filing for an Ether spot exchange-traded fund (ETF).
Investors and traders immediately found ETH attractive and moved with speed to book profits, paving the way for the second phase of the bull run heading to $3,000.
Bitcoin price and other altcoins joined in the bullish party, with the bellwether cryptocurrency climbing to $38,000 before dropping to confirm support above $36,000. At the time of writing on Friday during US business hours, Ethereum price is trading at $2077, up 8.3% in the last 24 hours.
Bloomberg’s ETF analyst, Eric Balchunas was the first to share the development on X (formerly Twitter) following a confirmation on the website.
BlackRock has made first step towards filing for a spot Ether ETF. I just confirmed on the website myself. Nice catch by @SummersThings https://t.co/mLKIhKdiI6
— Eric Balchunas (@EricBalchunas) November 9, 2023
The news comes amid growing optimism for the likely approval of a bunch of Bitcoin spot exchange-traded funds (ETF) in the coming few days by the US Securities and Exchange Commission (SEC).
The largest smart contracts token, which had retreated into the $1,800’s range reclaimed support at $2,000, extending the weekly gains to 4% and monthly cumulative gains to 21%.
Traders are now gazing towards the next swing above $2,000 for the first time since July, bolstered by the hope for a Bitcoin spot ETF. A higher support at $1,900 would go a long way to reinforce the bullish thesis, paving the way for a run-up beyond $2,000.
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Ethereum Price Levels To Watch As ETH Eyes $3,000
The On-Balance-Volume (OBV) indicator affirmed the bullish outlook in ETH price after it resumed the uptrend around mid-October on the weekly chart. This indicator tracks both the inflow and outflow volume of money in the market.
A continued uptrend suggests that traders are willing to bet on Ethereum price moving north as opposed to pulling back. Hence, upholding support above $1,900 would greatly add value to the uptrend.
The fact that Ethereum price has sustained its position above all the key bull market indicators, implies that a bull run is already upon us. Therefore, gains above $2,100 are bound to occur sooner or later. However, based on the technical outlook, ETH could carry on the journey toward the next key milestone at $3,000 this weekend.
An ascending triangle as illustrated on the chart further validates the expected breakout. However, bulls must focus on breaking the resistance at $2,100 to entice more buyers to seek exposure to ETH, thus creating the momentum needed to move the price.
Is it Good time to buy Ethereum?
Ethereum price is currently in bullish hands and they are unlikely to let go for a long time, especially with the daily chart showing a clear breakout above a long-standing descending channel resistance.
On top of the channel breakout, Ethereum has presented a couple of bullish crosses. The first golden cross occurred when the 50-day Exponential Moving Average (EMA) (red) flipped above the 100-day EMA (blue). Another bullish cross followed closely with the same 50-day EMA (red) moving above the long-term 200-EMA (purple).
Ethereum Micro Addresses Surpass 100k
Blockchain data analytics company Santiment has released the latest insights into the Ethereum network, which showed a significant increase in the number of micro wallets (addresses holding small ETH balances) to more than 100,000 for the first time in history.
This increase can substantiate the strong macro uptrend, as it is backed by strong fundamentals. In other words, the volatility is supported by the growing demand for ETH, creating momentum for the rally.
📈 #Ethereum's market value has jumped +38% in 4 weeks, powered by high network growth. Particularly micro addresses (<0.1 $ETH), which recently surpassed over 100K wallets for the first time. Even the 0.1-10 $ETH and 10K+ $ETH tiers are finally rising. https://t.co/O8kQXJkMxG pic.twitter.com/hvKBepNnDJ
— Santiment (@santimentfeed) November 10, 2023
Traders and investors will continue to book positions in Ethereum as long as the bullish thesis stands. Moreover, the panel of specialists brought together by Finder recently predicted a larger breakout in Ethereum price to $5,800 by 2025. The first step to $3,000 would be to uphold support at $2,000.
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