The Ethereum (ETH) price has been on a tear recently, surging over 32% since last month. Analysts now predict ETH could hit $3,000 before the end of 2023 if momentum continues, especially after BlackRock filed for a spot Ethereum exchange-traded fund (ETF) in the U.S. Amid this, the Bitcoin ETF Token (BTCETF) presale is gaining traction, even attracting whales.
Mainstream institutions file for Ethereum ETFs as price surges
Ethereum is hovering around the $2,030 level, rebounding nearly 7% from Nov. 17 low.
Much of this is due to BlackRock’s filing for a spot Ethereum ETF, which highlights the scale of the institutional interest.
Just days after BlackRock filed, major asset management firm Fidelity also applied for its spot Ethereum ETF.
Approval of one (or both) of these ETFs could be a major catalyst for Ethereum.
Fidelity oversees more than $4.5 trillion in assets and seeks to list the Fidelity Ethereum Fund on the Cboe BZX Exchange.
Their filing argues that U.S. investors lack regulated exposure to Ethereum, unlike Europe, which already has spot crypto ETFs.
Launching a spot Ethereum ETF in the U.S. would allow millions of investors easy exposure to the token’s price movements.
According to the Investment Company Institute, the U.S. ETF market is valued at over $6.5 trillion, and even if a tiny percentage of that flowed into Ethereum, the impact on price could be huge.
Analysts suggest that Ethereum could hit $3,000
With Ethereum trading around $2,030 currently, some analysts believe the coin could surge to $3,000 or higher by the close of 2023.
Ethanerum.eth points to an ascending triangle pattern on the weekly chart and sees a breakout taking ETH to $2,943 initially, with the potential to hit $3,186.
That would represent a 56% increase from spot rates.
Ryan Sean Adams believes ETH is gearing up for an “epic revenge rally,” given that it’s up just 69% this year while other layer-1 chains like Solana (SOL) have posted much larger gains.
Adams thinks ETH’s excellent economics and distribution means its price will only stay at this level for a while.
Trader Alan Santana is also bullish, stating that after just a brief retracement, ETH bulls have rebounded strongly.
He sees ETH going beyond $3,000 in the coming months – with $3,500 entirely possible.
BTCETF riding the spot Bitcoin ETF speculation
While Ethereum continues to dominate headlines, another cryptocurrency project, Bitcoin ETF Token (BTCETF), is also gaining traction.
This project aims to capitalize on the anticipation surrounding the approval of a spot Bitcoin ETF in the U.S.
Rumors suggest that crypto whales are accumulating BTCETF in the ongoing presale, which has already raised over $1.2 million.
The BTCETF demand stems from its deflationary tokenomics, designed to coincide with key events in the spot Bitcoin ETF approval process.
Upon the occurrence of milestones, such as setting a launch date, 5% of BTCETF’s supply will be burned, gradually increasing the scarcity of the remaining tokens over time.
As outlined in Bitcoin ETF Token’s whitepaper, this burning mechanism will be complemented by a 5% transaction tax, further intensifying the deflationary effect.
The project also offers staking rewards, with over 132 million BTCETF already committed to the staking pool. Bitcoin ETF Token’s approach of combining speculation on spot Bitcoin ETFs with staking rewards and deflationary tokenomics appears to be driving demand.
Their official Telegram channel has over 2,200 members while concurrently building a following on X.
In stage 4 of the presale, BTCETF is available for $0.0056. However, the token price will progressively increase between phases.
Visit the Bitcoin ETF Token presale
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.
Source: https://crypto.news/analysts-forecast-ethereum-to-hit-3k-whales-exploring-btcetf/