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We previously mentioned that cryptocurrency investors should be prepared for big news on the Ethereum front in the coming days. Well, the anticipated news came much earlier, and it turns out that the leading signal we announced at the last minute was correct. Following the news, the price of ETH surpassed $2,080, and the upward trend may continue.
Why is Ethereum Rising?
Today, we mentioned that BlackRock may soon apply for a spot ETH ETF. iShares Ethereum Trust was recently registered in Delaware, and now the official ETF application has arrived for NASDAQ. BlackRock is already the world’s largest asset management company, managing over $10 trillion in assets.
In June, the BTC ETF application paved the way for a stable upward trend in cryptocurrencies. Now they are doing the same for ETH. So far, out of 576 ETF applications, the institution, which has only received 1 rejection, has now made its 577th application. If crypto ETFs are not approved, they will receive 2 rejections in a row and tarnish their record.
BlackRock is expecting approval for a spot Bitcoin ETF by the beginning of next year. This belief will further encourage them to apply for an ETF now. If the increase in Ether’s price continues, a rise towards $2,200 and then $3,000 could begin.