- BlackRock files for Ethereum ETF with the SEC following the registration of iShares Ethereum Trust in Delaware.
- Ethereum’s price falls from $2,000 to $1,970, not meeting anticipated gains.
Asset management giant BlackRock has officially submitted a filing for a spot Ethereum exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). This development underscores BlackRock’s increasing commitment to cryptocurrency investments and follows its recent registration of the iShares Ethereum Trust in Delaware.
BlackRock filed for a spot Ethereum ETF a week after registering the iShares Ethereum Trust in Delaware, following its spot Bitcoin ETF application six months ago. If approved, the iShares Ethereum Trust will be listed on Nasdaq, allowing investors to access ether without owning it directly. Further, according to the filing, the financial giant designated Coinbase as the custodian of the Ether underlying the trust.
Ethereum (ETH) continues to decline
While the news of BlackRock’s Ethereum ETF filing sparks positive sentiment in the cryptocurrency market, Ethereum’s price has not responded as expected. The daily chart indicates a decline from the $2,000 level, with the cryptocurrency facing support near $1,970.
Ethereum has slipped below key support levels, entering a short-term bearish zone, mirroring the trend observed in Bitcoin. Over the last 24 hours, Ethereum has experienced a 3.8% decline, currently trading at $1,980 and below the simple moving average.
The immediate changes for Ethereum lie in overcoming the $2,020 resistance, which if it fails to breach may lead to a fresh decline, with initial support at $1,950 and a pivotal support level at $1,920.
However, if Ethereum manages to reclaim its bullish momentum, it could establish resistance above $2,000. The primary hurdle is at $2,020, followed by a significant resistance level at $2,110. A breakthrough beyond this point might propel the price towards $2,150, with further gains potentially targeting the $2,250 level.
