Bitcoin ETFs aside, it’s time for Ethereum to take center stage.
BlackRock, the $9 trillion asset manager, has revealed its intention to launch a spot Ethereum ETF and has pushed the price of each ETH to over $2,000.
BlackRock’s Ethereum ETF News Tips Top $2,000
Ethereum sentiment has been in the doldrums lately, but today’s breaking news immediately revived the top altcoin and caused its price to surge.
The news comes as BlackRock announced its intention to file for a spot ETH exchange-traded fund (ETF). BlackRock’s Bitcoin ETF filing has been driving increased interest and speculation in BTC.
In 100 years, the price of Bitcoin has increased by more than 2023%, but Ethereum has lagged since then. Now, all that could change as ETHUSD breaks above $2,000 and is on the verge of breaking out of an ascending triangle pattern.
ETH breakout could change long-term momentum
If the bullish news backdrop and possible ascending triangle pattern weren’t enough of a positive sign for Ethereum, the top altcoin by market cap also has a bullish crossover with the monthly LMACD.
Ethereum could be targeting $10,000 next
LMACD is the logarithmic version of the Moving Average Convergence Divergence indicator and is used to measure market momentum. With this major momentum shift potentially brewing, the price per ETH could rise significantly.
The short-term objective of an ascending triangle could lead to a return to all-time highs soon. However, the long-term target is closer to $10,000 per coin.
While this may have seemed out of reach in the past, over time the capital inflows a spot ETH ETF could bring to the market would be in the billions to trillions of dollars.
