Ethereum (ETH) pumped by around 7% on Thursday afternoon after news about Blackrock’s Ethereum spot exchange traded funds (ETF) surfaced. The news caused the cryptocurrency to climb over $2,100.
Ethereum Spot ETF Uncovered
A filing on Thursday confirmed that asset management firm Blackrock is on its way to establishing its own spot Ethereum ETF in the US. The document revealed iShares Ethereum Trust being registered in Delaware.
An examination of the paperwork shows that it was filled up by Blackrock Advisors with Daniel Schweiger as its registered agent. Further investigation of Schweiger’s role on Blackrock via LinkedIn exposes his role as the Managing Director of Blackrock. As an added note, the guy’s profile indicates he has been working with the company’s Wilmington, Delaware, base since 1998.
As of this writing on November 9 at 6:00 PM UTC time, Blackrock has yet to comment on the subject.
$400M Crypto Liquidations
Ethereum is not the only cryptocurrency on the move during the period. Bitcoin (BTC), its market rival, also surged near the $38,000 mark before retracement at $36,000.
The flow of the crypto asset, with the largest slice in the crypto market at 50.04%, combined with the rally of ETH, which owns approximately 18% of the float, made a perfect recipe for wiping almost $400 million open positions in exchanges.
Based on recent historical data, Bitcoin hadn’t reached the $37K figure since May last year. Meanwhile, it’s also the first time for Ethereum to tap the $2K level since the Shanghai update in April.
Market Optimism on the Rise
Almost all Crypto Fear and Greed Indexes show the dial pointing to the “Greed” level. The one from Alternative.me currently has a score of 69, which could potentially suggest a heated market that may be due for correction. Normally, this kind of emotion in the market is driven by FOMO because of the bullish narratives being floated around.
Regardless, most analysts predict that the buying pressure for mainstream crypto, especially BTC and ETH, might continue while their respective spot ETF applications are pending scrutiny under the thumb of the US Securities and Exchange Commission (SEC).
Final Thoughts: How High Will Ethereum Go?
The latest journey of ETH surprisingly jived with the previous predictions of Techopedia. The analytics firm forecasted in October that the digital asset will have a minimum valuation of $1,400, an average price of 1,550, and a maximum of $2,000 for this year. Although the coin surpassed the ceiling posted by the projection, a look at the charts would confirm how close are the numbers to the ones given by the experts of the firm.
With that in mind, Technopedia’s bullish outlook puts ETH’s average prices at $4,500, $7,600, and $9,800 in 2024, 2025, and 2030, respectively. The maximum valuations, however, are $6,500, $10,700, and all the way to $12,200 within the timeframe. But then again, support may well lie within $1,800, $4,500, and $7,400 for the aforementioned years. Nevertheless, these are still very positive figures from this standpoint.