Trillion-dollar traditional financial giants have started to make their presence known in the crypto space, and this could be a clear sign of what’s to come. The products that the world’s largest financial companies plan to launch in these areas demonstrate how bright the future of crypto is.
Fidelity and Ethereum (ETH)
There are many options for institutional investors to enter the world of cryptocurrencies. However, none of them are as intriguing as spot ETFs approved by US regulators. ETF approvals that will support the legitimacy of crypto have long been awaited for BTC.
Following the approval of futures ETFs, BlackRock and Fidelity have also taken action for Ethereum. Both manage assets worth over $10 trillion and are trying to provide their clients with easy ways to invest in cryptocurrencies.
It is expected that Fidelity’s entry into the Ethereum ETF market will trigger a bigger wave of growth for the king of altcoins, considering the recent market dynamics. Especially with the SEC currently reviewing multiple applications for spot Bitcoin ETFs from major traditional financial institutions like BlackRock, hopes are further increased.
Expert Predictions for Ethereum
We are accustomed to Bitcoin ETF applications, and after these moves, the price has reached the highest levels in 19 months. However, a rapid rise period for Ethereum has not yet begun. This indicates that the current period presents a buying opportunity for Ether.
Many analysts say that Ethereum below $2,000 is a buying opportunity and that this opportunity may be missed soon. Analysts who stated that Ether below $2,000 was cheap in June 2021 while BTC was still below $2,000 proved to be right at that time.
Ali Martinez said the following about this:
“ETH is testing a major resistance zone between $2,000 and $2,150, which aligns with the x-axis of the ascending triangle formation. A pullback from this resistance level could lead to a drop towards the hypotenuse at $1,700 and pave the way for the continuation of the potential uptrend.”
While BTC was at $36,600 at the time of writing this article, ETH continues to stay at $1,957.
