Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has witnessed a remarkable surge of 7.4% in the past 24 hours, reaching $2,023 since April 2023.
This surge in Ethereum’s value closely mirrors the recent upward movement of Bitcoin (BTC). It coincides with reports indicating that BlackRock, a renowned asset manager overseeing $9 trillion in assets, has registered an Ethereum Trust in Delaware.
Blackrock Ethereum ETF On The Horizon?
BlackRock made significant waves earlier this year when it submitted a filing for a spot Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC).
Subsequently, BlackRock’s iShares Bitcoin Trust successfully obtained registration, solidifying the firm’s presence in the emerging cryptocurrency industry.
Nevertheless, the possibility of BlackRock filing for a spot Ether ETF has been a subject of discussion among industry experts for some time.
The registration of the Ether Trust by BlackRock reinforces the firm’s confidence in the long-term potential and impact of Ethereum, further strengthening its position within the digital asset industry and, as already seen, can significantly boost the price of ETH.
ETH Prepares To Break Key Price Range
In recent weeks, ETH had been consolidating between $1,800 to $1,890, as observed between October 24 and November 8.
However, according to crypto expert Scott Melker, once Ethereum fully breaks and consolidates above the $2,000 to $2,100 range, a significant surge in price can be expected, indicating positive market sentiment.
As BlackRock continues to explore digital asset services and the potential for an Ether ETF, market participants will closely monitor the developments in the regulatory landscape.
Approving an Ether ETF in the United States would provide investors with a regulated and accessible investment vehicle, potentially expanding the reach of Ethereum and validating its long-term growth potential.
Featured image from Shutterstock, chart from TradingView.com