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.
