ethereum (eth), the second-largest cryptocurrency by market capitalization, has seen a notable 7.4% rise in the last 24 hours, reaching $2,023 since April 2023.
This increase in ethereum‘s value closely mirrors the recent bullish movement of bitcoin (btc). coincides with ethereum-trust-in-delaware#:~:text=Continuing%20its%20implementation%20of%20digital,post%20to%20X%2C%20formerly%20Twitter.” rel=”nofollow noopener” target=”_blank”>reports indicating that BlackRock, a renowned asset manager that oversees $9 trillion in assets, has registered an ethereum Trust in Delaware.
Blackrock ethereum ETF on the horizon?
BlackRock made waves earlier this year when it filed an application 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 company’s presence in the emerging cryptocurrency industry.
However, the possibility of BlackRock filing for an Ether spot ETF has been a topic of discussion among industry experts for some time.
The registration of the Ether Trust by BlackRock reinforces the company’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 increase the eth price.
eth prepares to break key price range
In recent weeks, eth had been consolidating between $1,800 and $1,890, as seen between October 24 and November 8.
However, according According to crypto expert Scott Melker, once ethereum completely breaks out and consolidates above the $2,000 to $2,100 range, a significant increase in price can be expected, indicating positive market sentiment.
As BlackRock continues to explore digital asset services and the potential of an Ether ETF, market participants will closely monitor the evolving regulatory landscape.
Approving an Ether ETF in the United States would provide investors with a regulated and accessible investment vehicle, potentially expanding ethereum‘s reach and validating its long-term growth potential.
Featured image from Shutterstock, chart from TradingView.com
