Crypto Industry News:
BlackRock manages over $10 trillion in assets. This year, he showed that he was becoming interested in cryptocurrencies and submitted an application to the US Securities and Exchange Commission (SEC) to create a bitcoin (BTC) spot market ETF. Now there are documents regarding the creation of the iShares Ethereum Trust fund, which may precede an attempt to establish an ETH spot market ETF.
In response to the latest announcement, the ETH price skyrocketed. At the time of writing these words, 1 ETH is already worth USD 2,127 on exchanges. This means that the price has increased by as much as 18.4% in 7 days, and by 11% since yesterday.
It is worth noting that BlackRock will not be the first player in the race for the golden fleece in the form of an Ethereum ETF. Other companies on the market, including Grayscale Investments, have already officially approached the SEC with a proposal to create such funds. Grayscale is seeking to convert its Ethereum Trust into an ETF.
Technical Market Outlook:
The ETH/USD pair has extended the up move and made another swing high at the level of $2,135. The next target for bulls is seen at the level of $2,140, but for now the market is consolidating the recent gains around the last high. The intraday technical support is seen at $1,900. The momentum remains strong and positive, however, the Bearish Divergence is seen on the H4 time frame chart already.
Weekly Pivot Points:
WR3 - $2,133
WR2 - $1,988
WR1 - $1,930
Weekly Pivot - $1,852
WS1 - $1,794
WS2 - $1,717
WS3 - $1,584
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
