BlackRock Ethereum ETF Hits New Milestone, $5000 ETH Price Soon?

The BlackRock Ethereum ETF (ETHA) has been single-handedly dominating inflows into the US Ether ETF market crossing more than $2.6 billion in net inflows since inception.
On Thursday, ETHA reported the highest-ever daily inflows at $292 million pushing the net inflows to more than $428 million.
The ETH price is flirting around $3,900 levels looking for a potential breakout to all-time high levels of $5,000 and above.
BlackRock Ethereum ETF Hits New Milestone
BlackRock’s iShares Ether ETF (ETHA), witnessed the highest daily inflows since its inception on Thursday at $292 million. Over the past week, ETHA has been single-handedly driving the total inflows with itself clocking $800 million in inflows during the past five trading sessions.
As of now, the BlackRock Ethereum ETF holds 837.5K ETH, worth $3.27 billion, solidifying its position as a dominant player in the market.
Since its July launch, BlackRock iShares Ethereum ETF alone has attracted $2.6 billion in total inflows, per data from Farside Investors. The growing momentum highlights increasing investor interest in Ethereum-focused financial products.
Following yesterday’s numbers, the net inflows across all US Ether ETFs also crossed $1 billion for the first time, now at $1.3 billion.
Nate Geraci, President of ETF Store, said that the ETFs have achieved this milestone despite facing significant obstacles such as restrictions on staking capabilities, $3.5 billion outflows from Grayscale’s ETHE, absence of options trading for Ether ETFs, etc.
ETH Price Rally to $5,000 Soon?
Despite 9% gains on the weekly chart, the Ethereum price is currently confronting a major resistance at $3928, crossing which it can set the eyes on $5,000.
Renowned crypto analyst Venturefounder points out that ETH is approaching a breakout from a three-year-long triangle consolidation pattern.
According to the analyst, Ethereum could also exit a seven-year trading range, setting the stage for a rapid surge reminiscent of its explosive rally during the 2016-2017 period.
This historical pattern saw ETH achieve unprecedented highs in a short time frame. As a result, Venturefounder predicts Ethereum could reach a new all-time high, targeting $15,937 by May 2025.
While BlackRock Ethereum ETF inflows surge, the selling pressure from Ethereum whales has continued amid the recent ETH price surge.
As per blockchain analytics platform Spot on Chain, a giant Ethereum whale has deposited its remaining 60,079 ETH, worth approximately $234 million, to the crypto exchange Bitfinex after nearly six years of holding.
The whale originally withdrew 87,085 ETH from Bitfinex in January 2019 when Ethereum was trading at just $153, amounting to a value of $13.4 million. In 2020, the whale transferred 600 ETH to Tornado Cash for privacy purposes.
In a strategic move, the whale began redepositing ETH to Bitfinex in November 2023 and December 2024, totaling 86,484 ETH at an average price of $3,331.
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The price of Ethereum has maintained its gains above the $3,120 resistance level. There’s potential for ETH to experience a rally in the near future if it manages to surpass the $3,280 resistance zone.

Ethereum has continued its upward movement beyond the $3,220 resistance level, with the price trading above $3,165 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD from Kraken, a significant bullish trend line is forming with support at $3,170. The pair might see further upward momentum if it manages to break above the $3,280 resistance zone.

Ethereum Price Analysis: Upside Potential and Key Levels
Ethereum’s price has maintained a positive trajectory above the $3,000 mark, mirroring Bitcoin’s performance. ETH saw further gains, surpassing resistance levels at $3,150, $3,165, and even spiking above $3,250.
The cryptocurrency reached a new weekly high at $3,263 before experiencing a minor correction. It briefly dipped below the $3,220 level and the 50% Fibonacci retracement level of the recent upward wave from $3,154 to $3,263.
However, bullish activity emerged above the $3,200 level, with the 61.8% Fibonacci retracement level acting as a support. Ethereum is currently trading above $3,200 and the 100-hourly Simple Moving Average, with a key bullish trend line forming at $3,170 on the ETH/USD hourly chart.

Source: ETHUSD on TradingView.com
Immediate resistance is anticipated near the $3,250 level, followed by a major barrier at $3,280. The next significant resistance level lies at $3,350, above which Ethereum could gain momentum towards $3,500.
A breakthrough above $3,500 could pave the way for Ethereum to test the $3,550 resistance, potentially leading to a push towards $3,750. Beyond this point, Ether may target the $3,880 resistance zone in the days ahead.
Ethereum Price Analysis: Potential Downside Scenarios
If Ethereum fails to surpass the $3,280 resistance level, a downside correction may be imminent. Initial support is expected near the $3,200 level, with the first major support zone around $3,180 and the accompanying trend line.

Key Support and Potential Pressure Points
The primary support level stands near $3,120. A decisive move below this support could intensify selling pressure, potentially driving the price towards $3,030. Further losses might lead Ethereum towards the $2,850 level in the near term.
Hourly MACD: The MACD indicator for ETH/USD is showing signs of gaining momentum in the bullish zone.Hourly RSI: The RSI indicator for ETH/USD is currently above the 50 level, suggesting positive momentum.
Major support is identified at $3,120, while significant resistance remains at $3,280. These levels are crucial in determining Ethereum’s short-term price trajectory.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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Hold on to your crypto hats! The U.S. Securities and Exchange Commission (SEC) has pushed back its decision on the VanEck Ethereum ETF. This exchange-traded fund, if approved, would allow investors to jump on the Ethereum bandwagon without actually buying and holding the cryptocurrency itself.
Originally, the SEC had a deadline to decide, but in a public document released Wednesday, they announced they're taking more time. The new target date for their decision is May 23, 2024.
Here's the twist: The SEC isn't just kicking the can down the road. They're also asking for your input! That's right, the regulatory body wants to hear from the public about the potential risks and benefits of this Ethereum ETF.
Why the Delay?
The SEC is likely taking its time because cryptocurrency, while exciting, can also be a bit wild west-ish. They want to make sure this ETF is on the up and up before giving it the green light.
What Does This Mean for Crypto ETFs?
This delay throws a bit of a curveball at the future of cryptocurrency ETFs in the US. Will the SEC ultimately approve the VanEck ETF, opening the door for more like it? Or will they slam the brakes on crypto ETFs altogether?
Only time, and the public's voice, will tell. Stay tuned for updates as May 23rd approaches!
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- K33 Research predicts strong investment interest in Ethereum ETFs at launch.
- Expected inflows by K33 Research: $3.1 billion to $4.8 billion within 5 months.
- Balchunas forecasts lower inflows: $1.4 billion to $2.8 billion.
- K33 Research's optimism is based on Bitcoin ETFs' success, which have attracted around $14.8 billion.
- Despite varying figures, both K33 Research and Balchunas anticipate a highly positive response for Ethereum.
In late May, the U.S. approved several Ethereum ETFs, marking a significant milestone for the cryptocurrency market. However, the full impact of these new financial instruments is yet to be felt, as none of the eight approved applications have received the complete go-ahead for trading to commence. Despite this, K33 Research anticipates that these ETFs will have a massive impact upon launch.
This article will delve into K33 Research's projections for the Ethereum ETFs and their potential implications for Ethereum and the broader crypto market.
K33 Research's Outlook
According to data from Farside, spot Bitcoin ETFs are currently performing exceptionally well. On June 4, these ETFs experienced their second-best net inflow day, with a combined total of $886.6 million. Fidelity’s FBTC fund led the way with an inflow of $378.7 million, followed by BlackRock’s IBIT at $274.4 million, and Ark 21 Shares. These figures represent the highest net inflows since March 12, just before Bitcoin reached its all-time high of $73,800, when ETFs saw an inflow of $1.04 billion.
K33 Research suggests that a similar trend could be expected for Ethereum ETFs. Their prediction is based on the relative global assets under management (AUM) market share between Ethereum and Bitcoin. Currently, Ethereum's market share stands at around 28% of Bitcoin’s. Based on this ratio, K33 forecasts that Ethereum ETFs could attract approximately $4 billion in inflows within the first six months of their launch.
Correlation to Bitcoin ETFs
Farside data reveals that U.S. spot Bitcoin ETFs have accumulated around $14.8 billion so far, now holding over 1 million Bitcoin, which accounts for about 5% of the total Bitcoin supply. Drawing a parallel, K33 Research notes that institutional funds currently control 3.3% of Ethereum’s circulating supply. They predict that Ethereum ETFs will gather between $3.1 billion and $4.8 billion post-launch, translating to about 750,000 to 1 million ETH, or 0.65% to 0.85% of Ethereum's current supply.
Additionally, the Ethereum CME futures market, currently at 22.9% the size of Bitcoin’s, captured 34.6% of the inflows seen by Bitcoin futures ETFs between September 29 and December 26. This historical data provides further support for K33's optimistic outlook.
Bloomberg Analyst Eric Balchunas’ Perspective
Bloomberg ETF analyst Eric Balchunas has also shared his insights on the Ethereum ETFs. While K33 Research projects inflows of up to $4 billion, Balchunas is more conservative. In a recent tweet, he suggested that Ethereum ETFs might capture about 10% to 20% of the inflows seen by spot Bitcoin ETFs. This would still be significant, translating to around $1.4 billion to $2.8 billion in inflows.
Overall, regardless of differing estimates, analysts agree that the launch of Ethereum ETFs is a bullish event. The influx of capital into Ethereum could potentially drive its price higher, possibly even towards the $5,000 mark in the near future.
Disclaimer: Voice of Crypto aims to provide accurate and up-to-date information, but it is not responsible for any missing facts or inaccuracies. Cryptocurrencies are highly volatile financial assets, so please conduct your own research and make informed financial decisions.

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The SEC approves Form 19b-4 for eight Ethereum ETF issuers, opening the door for institutional investment, but S-1 registration statements are still pending.

Read more on: https://thecryptobasic.com/2024/05/24/sec-approves-form-19b-4-for-eight-ethereum-etf-issuers/
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Nasdaq and BlackRock have filed with the Securities and Exchange Commission (SEC) to list and trade options for BlackRock’s spot Ethereum exchange-traded fund (ETF). 

Read more on: https://thecryptobasic.com/2024/08/07/nasdaq-and-blackrock-seek-approval-for-options-on-ethereum-etf-amid-strong-performance/
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