BlackRock Ethereum ETF Pushes ETH toward Yearly High — Where Can it End 2023?
ETH increased by 40% from mid-October and is revisiting its previous yearly high. Can it continue going up?
Key Takeaways
- BlackRock’s ETF move boosts Ethereum beyond $2,000.
- Ethereum-spot ETF applications signal rising institutional interest.
- ETH price nears completion of ascending structure.
In a landmark development shaking the cryptocurrency landscape, BlackRock, the globe’s largest asset manager, has officially registered its iShares Ethereum Trust as an exchange-traded fund (ETF), as revealed in a recent Nasdaq 19b-4 filing .
This pivotal move signals a possible imminent introduction of Ethereum-spot ETFs and has sparked a notable rally in the crypto market. Ethereum (ETH) has notably surged after the news, topping the $2,000 mark, hitting a significant milestone in its market journey.
This development reflects a deepening institutional interest in cryptocurrencies, especially Ethereum, hinting at the possibility of even higher valuations. With the United States Securities and Exchanges Commission (SEC) closely monitoring these events, the approval of Ethereum-spot ETFs could play a crucial role in shaping Ethereum’s market performance in the coming months.
Meanwhile, Ethereum’s price has rebounded, revisiting its highest point of the year, last observed in mid-April. Could this development spark a new annual high by year-end?
ETH Price Analysis
Ethereum’s price has been underperforming compared to the rest of the market in the year’s second half. Unlike Bitcoin and many other altcoins, that have achieved new yearly highs since mid-April, ETH has revisited $2,100 only today.
There was a possibility that the recovery since June last year was corrective, but the uptrend from October 12 invalidated that idea. This move can now be considered the starting impulse in a larger bull cycle, possibly forming a slightly ascending triangle, which could be seen as a leading diagonal.
If this holds true, the recent uptrend from October 12 may be its final wave. There is room for further interaction with the slightly ascending resistance level around $2250. But the five-wave pattern suggests it may have already completed or is close to doing so.
Early signs of selling pressure are apparent with a red candle on the daily chart. The RSI is at 80%, indicating overbought conditions, making a downturn more likely than a significant uptrend continuation.
The leading diagonal that began last June may conclude soon, likely leading to the first bull market correction and establishing the first macro higher low, preferably above the $1350 range.
The target will depend on the endpoint of the ascending pattern, so close monitoring of the price in the coming period is advisable.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
