At the time of writing, the altcoin king is finding buyers at $2,054 and has not been able to recover as expected. The price of Bitcoin is also attempting to reclaim $37,000. However, the exciting move by BlackRock has not yet reflected in the prices. So why is the step taken by the world’s largest asset manager so important?
BlackRock and Ethereum (ETH)
BlackRock, which has made 576 ETF applications so far, has only received 1 rejection. Currently, the ETF applications for BTC and ETH are on the SEC’s table, and it would be surprising if the SEC does not give it the desired response. The secret to the success of the world’s largest asset manager in ETFs lies in its position as the biggest asset manager in the world. BlackRock sets its goals after extensive research and evaluations, and takes steps accordingly. This is what has enabled them to receive only 1 rejection out of 576 applications.
BlackRock, which adopts the same approach when it comes to cryptocurrencies, expects the demand in this field to increase exponentially in the coming years. In fact, before the recent major rally, the company’s CEO used the expression “escape to crypto, escape to quality.” This is a new asset class, and institutions as well as qualified investors want to benefit from it.
ETH Price and BlackRock
The readings on the daily chart show that the ETH price broke free from the declining resistance trend line on November 5th. This resistance had been in place for 200 days and led to a new local high at $2,136. The yearly high is at $2,140, and ETH is not far from it. Additionally, the discount of the Grayscale Ethereum Trust, which will indicate the increasing excitement for ETH ETFs, has dropped to 14%. This figure was in the 60s at the beginning of the year.
So what do the experts think? Analyst EmilyKols69 says that with the breakthrough of the $2,000 resistance, the trend has clearly turned bullish. 52kSkew has said similar things. Pentoshi expects the rally to continue after testing $2,000.
On the weekly chart, the Elliot wave count gives an important target for the ETH price. The price, which is in the third wave of a five-wave upward cycle that started in June 2022, could have a strong rally up to $3,250. Third waves are generally characterized by abnormal price increases.
On the contrary, falling below $1,950 and weekly closures below that level could mean a destructive drop down to $1,200.
