Aaryamann Shrivastava
FXStreet
- Blackrock recently registered the "iShares Ethereum Trust," similar to the events preceding spot Bitcoin ETF.
- This was followed by the asset manager filing with Nasdaq pending acknowledgment from the SEC.
- Ethereum price appeared to be rather optimistic as the altcoin surged by more than 10% to hit $2,100.
Ethereum price was largely dependent on Bitcoin's cues to note a rise or fall for the past couple of days. However, that seems to have changed today as the altcoin observed a rally that occurred thanks to a major development in the crypto space affiliated with Ethereum.
BlackRock files for spot Ethereum ETF
The world's biggest asset management firm, BlackRock, officially filed for a spot in Ethereum ETF (Exchange Traded Fund) with Nasdaq on Thursday. The filing, pending acknowledgment and approval from the Securities and Exchange Commission (SEC), marked the ETF as a Commodity-Based Trust Shares.
This was preceded by hours of anticipation from eager crypto investors who, upon discovering the potential filing, pumped the ETH market. As BlackRock filed for iShares Ethereum Trust in Delaware, signs similar to the spot Bitcoin ETF emerged. Just a week after doing the same for Bitcoin, BlackRock went on to file for a spot BTC ETF.
Spot Ethereum ETF filing
However, the fanfare was not compromised in any way, as this is the next biggest thing to occur for Ethereum since the SEC approved the ETH Futures ETFs earlier this year.
Regardless, ETH is back rising on the market, and the altcoins might be able to surprise each other in time.
Ethereum price goes back up
Ethereum price, at the time of writing, could be seen breaching the $2,100 price mark, fuelled by the optimism that exploded after the BlackRock spot ETF filing emerged. The altcoin hit a nearly six-month high.
Up by more than 10% in the span of a day, ETH also breached the $2,000 barrier. It is preparing to reclaim the highest price ETH has been in the past couple of months. A stabilized price rise is generally what is needed from a cryptocurrency to gain profits, and with the "home of DeFi" witnessing a groundbreaking filing today, a further increase might not be off the table.
At the moment, there are no immediate signs of a price correction, but if the overheated market meets impatient investors looking to profit, Ethereum price could decline naturally.
ETH/USD 1-day chart
If this hype fizzles out quickly, the resulting vulnerability may trigger a sell-off, potentially causing the altcoin's price to drop.
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