Analyst Jacob Canfield stated that he would not be surprised if the Ethereum price rose another 50%. However, it needs to break one more major resistance line to continue the rally.
Jacob Canfield says ETH price could “probably” reach $3,000 in the next few weeks stated.
There we go. Testing the $2100 resistance zone now.
$3k is probably target over the next few weeks https://t.co/IHBYXXQ4sA pic.twitter.com/0glULRTnkb
NEWS CONTINUES BELOW— Jacob Canfield (@JacobCanfield) November 9, 2023
At the same time, he highlighted that Ethereum is struggling to stay above $2,100, which is a crucial resistance level for the ongoing phase of the market.
ETH reached a local peak of $2,132 during the day. This represents the highest level for ETH since the Terra (LUNA) crash in mid-May 2022.
With news of Ethereum Spot ETF expectations and general market optimism, the price is up 33% on a monthly basis. In the last 24 hours, $80 million worth of ETH positions were liquidated on centralized exchanges, 65.9% of which were short positions. According to CoinGlass data, yesterday’s trading session was the cruelest in recent months for bears.
On the other hand, the net capitalization of DeFi tokens exceeded $60 billion for the first time in a year and a half. All these developments reinforce the positive trend for the altcoin price.