ETH Soars As BlackRock Submits Ethereum Spot ETF Application

BlackRock has officially submitted an application for an Ethereum Spot ETF (Exchange Traded Fund). The request, found in documents on the Nasdaq website, details a proposed rule change for listing and trading iShares Ethereum Trust shares under Nasdaq Rule 5711(d) (Commodity-Based Trust Shares).

BlackRock makes its move

Various documents recently surfaced on the Delaware Department of State Corporations Division website, revealing a registration of iShares Ethereum Trust put forth by none other than BlackRock. This move was interpreted as a precursor to applying for an Ethereum Spot ETF, and the speculations proved accurate.

Before seeking approval for a Bitcoin Spot ETF, BlackRock followed a comparable procedure, registering documents and subsequently submitting the Ethereum ETF application to the SEC a week later. Notably, BlackRock acted more swiftly for Ethereum, filing the ETF application on the same day.

ETH surges

Unsurprisingly, ETH experienced a price increase and has since surpassed $2,100, marking its highest level since May. After news of the BlackRock Ethereum ETF filing emerged, ETH witnessed a clear uptrend with the 50-day SMA and 20-day EMA serving as dynamic support.

Nevertheless, the RSI stands at 80, indicating an overbought condition and suggesting a potential short-term overextension in the rally. This could trigger a pullback or consolidation as the indicator cools off.

Potential resistance lies around current highs and psychological thresholds beyond $2,000, while support might be found around key moving averages. If the uptrend persists, Ethereum could target new highs surpassing $2,100. However, the overbought conditions increase the likelihood of a correction, potentially retesting previous lows if the trend shifts bearish.