The price of ethereum (eth) has recently surged, rising more than 32% since last month. Analysts now predict that eth could reach $3,000 before the end of 2023 if the momentum continues, especially after BlackRock filed for an ethereum exchange-traded fund (ETF) in the US. Amid this, the pre-sale bitcoin ETF token (BTCETF) is gaining traction, even attracting whales.
Major Institutions File for ethereum ETFs as Prices Rise
ethereum is hovering around the $2,030 level, recovering almost 7% from the November 17 low.
Much of this is due to BlackRock’s call for an ethereum spot ETF, which highlights the scale of institutional interest.
Just days after BlackRock filed, major asset management firm Fidelity also ethereum-etf” target=”_blank” rel=”noopener”>applied for its ethereum spot ETF.
The 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 is seeking to list the Fidelity ethereum Fund on the Cboe BZX Exchange.
Their presentation argues that US investors lack regulated exposure to ethereum, unlike Europe, which already has spot crypto ETFs.
The launch of an ethereum spot ETF in the US would allow millions of investors easy exposure to the token’s price movements.
According to the Investment Company Institute, the US ETF market is valued to over $6.5 trillion, and even if a small percentage of that amount were to flow into ethereum, the impact on the price could be huge.
Analysts Suggest ethereum Could Hit $3,000
With ethereum currently trading around $2,030, some analysts believe the coin could rise to $3,000 or higher by the end of 2023.
Etanorum.eth points to an ascending triangle pattern on the weekly chart and sees a breakout that takes eth to $2,943 initially, with the potential to reach $3,186.
That would represent a 56% increase over spot rates.
Ryan Sean Adams believe eth is gearing up for an “epic revenge rally” as it is only up 69% this year, while other layer 1 chains like Solana (SOL) have posted much bigger gains.
Adams believes that the excellent economics and distribution of eth means that its price will only remain at this level for a while.
Trader Alan Santana is also optimistic. indicating that after a brief pullback, eth bulls have recovered strongly.
He sees eth surpassing $3,000 in the coming months, with $3,500 entirely possible.
BTCETF Takes Advantage of bitcoin ETF Speculation
While ethereum continues to dominate the 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 bitcoin spot ETF in the US.
Rumors suggest that crypto whales are accumulating BTCETF in the ongoing pre-sale, which has already raised over $1.2 million.
Demand for BTCETF arises from its deflationary tokenomics, designed to coincide with key events in the bitcoin ETF spot approval process.
Once milestones are met, such as setting a launch date, 5% of the BTCETF supply will be burned, gradually increasing the scarcity of the remaining tokens over time.
As described in the bitcoin ETF Token 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.
His official Telegram channel has more than 2,200 members and at the same time he is gaining followers on X.
In stage 4 of the pre-sale, BTCETF is available for $0.0056. However, the price of the token will increase progressively between phases.
crypto-news.care/?referrer=analysts-back-ethereum-to-hit-$3k-before-end-of-year-as-whales-also-buy-into-new-btcetf-project” target=”_blank” rel=”noreferrer noopener”>Visit the bitcoin ETF Token Pre-Sale
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