‘Target for Next Few Weeks’ Indicated by Trader

Top-tier trader and analyst Jacob Canfield will not be surprised by another 50% upsurge of the second largest cryptocurrency. However, it needs to break through one more major resistance line to expand the rally.

Ethereum (ETH) price can “probably” reach $3,000 in next few weeks, Jacob Canfield says

The amount of $3,000 looks like a reasonable target that can probably be reached by the Ethereum (ETH) price the in next few weeks. Such a statement was shared by prominent crypto trader and entrepreneur Jacob Canfield with his 92,000-strong Twitter audience today, Nov. 10, 2023.

At the same time, he stressed that Ethereum (ETH) is struggling to stay above $2,100, which is a crucial resistance level for the ongoing phase of the market.

Today Ethereum (ETH) touched a local high at $2,132 on major spot exchanges. It is the highest level for Ethereum (ETH) since the Terra (LUNA) collapse in mid-May 2022.

The Ethereum (ETH) price added over 33% in just one month on the news of Ethereum Spot ETF prospects and overall market optimism.

Over the last 24 hours, $80 million in Ethereum (ETH) positions, 65.9% shorts, were liquidated on centralized exchanges. Yesterday, the trading session was the most brutal one for bears in months, CoinGlass data says.

DeFi coins’ market cap back above $60 billion, ETH price run to blame

The upsurge of Ethereum (ETH) catalyzed all segments in crypto associated with smart contracts. For instance, the net capitalization of DeFi tokens jumped over $60 billion for the first time in year-and-a-half.

The total volume of value locked in L2 protocols on Ethereum (ETH) jumped to a new all-time high. Per the L2Beat tracker, over $13.6 billion in various cryptos are locked in L2s on Ethereum (ETH).

The aggregated TVL of Ethereum-based DeFis is lagging behind previous metrics: it only surged to mid-July levels over $25 billion.

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Vladislav Sopov