Yesterday, BlackRock has submitted a 19b-4 filing with Nasdaq for the iShares Ethereum Trust, indicating plans to trade shares on the Nasdaq exchange. This move follows a similar process used for the iShares Bitcoin Trust earlier this year and suggests BlackRock might soon propose an Ethereum ETF to the U.S. Securities and Exchange Commission. This development comes amid recent actions by BlackRock, including registering the iShares Ethereum Trust in Delaware and proposing a bitcoin fund in June. Ethereum's price rose following these developments, signaling market anticipation for potential new offerings from the asset management giant.
From a technical perspective on the Ethereum chart, following the news of BlackRock registering an entity, the second-largest cryptocurrency surged over 10%. The price momentarily approached its previous peak from the first half of this year at the 2130-2140 USD level. Considering Bitcoin's recent breakout of nearly 20% from its latest highs, there is still potential for Ethereum's growth to continue. Currently, a pullback from these highs is observed, but if the narrative intensifies and capital shifts from BTC to ETH, further growth could continue. The maximum extent of the current upward wave appears to be around the 2500 USD level, which coincides with the support level from the last bull run in 2021 and the 38.2% Fibonacci retracement of the downward move from the 2021 highs to the 2022 low. However, if bulls fail to surpass the current level, we might see a retest of the 1930 USD levels as well.
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Source: xStation 5
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