Crypto Industry News:
Asset management giant BlackRock on Thursday formally filed to create an Ethereum spot ETF.
Last week, BlackRock registered the iShares Ethereum Trust. In practice, it was an introduction to trying to create an Ethereum ETF. Now the company has completed the formalities and submitted an application to create the latter. If approved, it will be listed on the Nasdaq exchange and give investors access to ETH without having to directly own the cryptocurrency.
In practice, BlackRock wants to transform the trust into a "spot" ETF. The latter means - let's emphasize this - that if the ETF is approved, it will own the ethers that will stand behind the fund. This means large purchases of ETH on the market.
The path for the above solution was partially paved by Grayscale, which also sought to transform its bitcoin trust into an ETF. The US Securities and Exchange Commission (SEC) rejected the company's application. The latter did not agree with this decision and sued the office. In August, a federal appeals court ruled that the SEC wrongly denied an application to create a bitcoin ETF. There are many indications that the Commission will approve the Grayscale ETF and probably other entities, including BlackRock.
Technical Market Outlook:
The ETH/USD pair has bounced from a low seen at the level of $1,932, but the bounce was capped just above the 50 MA and the market reversed lower. The intraday technical resistance is seen at the level of $2,080 and the intraday technical support is seen at the level of $1,931. The momentum is weak and negative, so the short-term outlook for ETH remains bearish as the local corrective cycle continues. The key short-term technical support for ETH is seen at the level of $1,911 and only a clear and sustained breakout below this level would change the short-term outlook to bearish.
Weekly Pivot Points:
WR3 - $2,193
WR2 - $2, 093
WR1 - $2,070
Weekly Pivot - $2,048
WS1 - $2,024
WS2 - $2,002
WS3 - $1,957
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.
