Move over Bitcoin ETF, it is time for Ethereum to take the center stage. $9 trillion asset manager BlackRock has revealed its intention to to launch a spot Ethereum ETF, and it already sent the price per ETH above $2,000. Ethereum ETF News From BlackRock Prompts Break Above $2,000 Ethereum sentiment has recently been in the gutter, but breaking news today has instantly revived the top altcoin and caused its price to surge higher. Related Reading: This Pattern Points To $10,000+ Ethereum Price, But When? That news was none other than BlackRock announcing its intention to file for a spot ETH Exchange-Traded Fund (ETF). BlackRock’s Bitcoin ETF application has been driving increased interest and speculation in BTC. Ether breaks above $2,000 | ETHUSD on TradingView.com Bitcoin’s price has climbed over 100% in 2023, but Ether has since lagged behind. All that could be changing now that ETHUSD broke above $2,000 and is now closing in on breaking up out of an ascending triangle pattern. ETH Breakout Could Change Momentum Long-Term If the bullish news backdrop and possible ascending triangle pattern weren’t enough positive signs for Ethereum, the top altcoin by market cap has also crossed bullish on the monthly LMACD. Ether could target $10,000 next| ETHUSD on TradingView.com The LMACD is the logarithmic version of the Moving Average Convergence Divergence indicator, used to measure market momentum. With this significant momentum shift possibly brewing, the price per ETH could shoot much higher. Related Reading: Ethereum News Catalyst Could Trigger Triangle Breakout To $4,000 Immediately short-term targets of the ascending triangle could see Ether revisiting all-time highs soon enough. However, longer-term targets are closer to $10,000 per coin. While this might have seemed out of reach in the past, the capital inflows a spot ETH ETF could bring into the market would range from billions to potentially trillions over time. Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com
