Renowned trader and analyst Jacob Canfield remains unfazed by the possibility of a 50% surge in the second-largest cryptocurrency. However, this upward movement hinges on breaking through a significant resistance level.

Jacob Canfield suggests that Ethereum (ETH) could potentially reach $3,000 in the coming weeks.

The $3,000 mark appears to be a reasonable target that Ethereum (ETH) may achieve in the near future. Jacob Canfield, a prominent crypto trader and entrepreneur, shared this assessment with his Twitter following of 92,000 on November 10, 2023.

Currently, Ethereum (ETH) is testing the $2,100 resistance zone.

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

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

In the past 24 hours, centralized exchanges liquidated $80 million worth of Ethereum (ETH) positions, with shorts accounting for 65.9% of the liquidations. According to CoinGlass data, yesterday's trading session was one of the most challenging for bears in months.

The Ethereum (ETH) upsurge has had a positive impact on all segments of the crypto market related to smart contracts. For instance, the total capitalization of DeFi tokens has exceeded $60 billion for the first time in a year and a half.

The value locked in Layer 2 (L2) protocols on Ethereum (ETH) has reached an all-time high, with over $13.6 billion in various cryptocurrencies locked in L2s on the Ethereum network, according to the L2Beat tracker.

Despite these positive developments, the aggregated Total Value Locked (TVL) of Ethereum-based DeFis still lags behind previous metrics, only reaching mid-July levels of over $25 billion.