Ethereum (ETH) Could Reach $3,000 in the Next Few Weeks, According to Trader

Renowned trader and analyst Jacob Canfield predicts that the price of Ethereum (ETH) could potentially reach $3,000 in the coming weeks. However, the cryptocurrency must overcome a significant resistance level to sustain its upward momentum.

Jacob Canfield believes Ethereum (ETH) has the potential to hit $3,000

With a Twitter following of over 92,000, Jacob Canfield shared his belief that Ethereum (ETH) has a reasonable chance of reaching $3,000 in the near future. This optimistic outlook was expressed on November 10, 2023.

Despite this positive forecast, Canfield emphasized that Ethereum (ETH) is currently struggling to stay above the crucial $2,100 resistance level.

Recently, Ethereum (ETH) reached a local high of $2,132 on major exchanges, marking its highest level since the collapse of Terra (LUNA) in mid-May 2022.

The price of Ethereum (ETH) has surged by over 33% in just one month, driven by news of a potential Ethereum Spot ETF and overall market optimism.

In the last 24 hours, centralized exchanges saw $80 million worth of Ethereum (ETH) positions liquidated, with 65.9% of these positions being shorts. According to CoinGlass data, this liquidation event was the most significant setback for bearish traders in months.

DeFi market cap surpasses $60 billion, thanks to Ethereum (ETH) price surge

The upward movement of Ethereum (ETH) has had a positive impact on the entire smart contract ecosystem in the crypto market. As a result, the overall market capitalization of DeFi tokens has surpassed $60 billion, a level not seen in the past year and a half.

Furthermore, the total value locked (TVL) in Layer 2 (L2) protocols on the Ethereum (ETH) network has reached an all-time high of over $13.6 billion, according to the L2Beat tracker.

While the TVL of Ethereum-based DeFi projects is still below previous metrics, it has surged to levels similar to mid-July, surpassing $25 billion.