Let’s move on from the bitcoin ETF, it’s time for ethereum to take center stage.
$9 trillion asset manager BlackRock has revealed its intention to launch an ethereum spot ETF, already sending the price per eth above $2,000.
BlackRock ethereum ETF News Indicates It Breaks Past $2,000
ethereum sentiment has recently been in the gutter, but today’s latest news has instantly revived the top altcoin and caused its price to rise further.
That news was none other than BlackRock announcing its intention to file for a spot eth exchange-traded fund (ETF). BlackRock’s bitcoin ETF application has generated increased interest and speculation in btc.
Ether breaks above $2,000 | ETHUSD on TradingView.com
bitcoin‘s price rose more than 100% in 2023, but Ether has since lagged behind. That could all be changing now that ETHUSD has surpassed $2,000 and is now getting close to breaking out of an ascending triangle pattern.
eth breakout could change long-term momentum
If the bullish news backdrop and potential ascending triangle pattern weren’t enough positive signs for ethereum, the top altcoin by market cap has also turned bullish on the monthly LMACD.
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Ether could target $10,000 next| ETHUSD on TradingView.com
The LMACD is the logarithmic version of the moving average convergence and divergence indicator, which is used to measure market momentum. With the possibility of this major momentum shift brewing, the price per eth could skyrocket much higher.
The immediate short-term objectives of the ascending triangle could see Ether hit all-time highs again very soon. However, long-term goals are closer to $10,000 per coin.
While this might have seemed out of reach in the past, the capital inflows that an eth ETF could bring to the market would range from billions to potentially trillions over time.
