Step aside, Bitcoin ETF—it’s Ethereum’s time to shine!
BlackRock, a colossal $9 trillion asset manager, has unveiled plans to launch a spot Ethereum ETF, propelling the price of ETH above the $2,000 mark.
The recent downtrodden sentiment surrounding Ethereum quickly turned around with a groundbreaking announcement from BlackRock. The asset management giant declared its intent to file for a spot ETH Exchange-Traded Fund (ETF), injecting renewed vigor into the leading altcoin and triggering a substantial price surge.
Despite Bitcoin’s impressive 100% price surge in 2023, Ethereum has lagged behind. However, the narrative is shifting as ETHUSD surpassed $2,000 and is inching closer to breaking out of an ascending triangle pattern.
The potential long-term momentum shift is further supported by bullish indicators, including the monthly Logarithmic Moving Average Convergence Divergence (LMACD) crossing into bullish territory. This momentum shift hints at the possibility of ETH’s price reaching new heights.
In the short term, the ascending triangle suggests that Ethereum could revisit all-time highs. Looking further ahead, ambitious targets of $10,000 per coin are not out of the realm of possibility. The prospect of a spot ETH ETF attracting capital inflows ranging from billions to potentially trillions over time adds to the optimism surrounding Ethereum’s future prospects.