Ethereum Price Prediction as BlackRock Amends ETF Application – Will ETH See a Surge?
The Ethereum price has fallen by 1% today, slipping to $3,764 as the crypto market as a whole falls by the same percentage in 24 hours.
ETH has dropped by nearly 4% in a week, yet the market’s biggest altcoin remains up by a healthy 26% in a fortnight and in a month, as well as by 100% in a year.
Its moves today also come as major investment firm BlackRock files an amended application for its spot-based Ethereum ETF, which the SEC had approved in an earlier form.
This re-filing paves the way for the ETF to receive the green light for launching, which it when comes – potentially next month – is likely to result in ETH surging.
After spending several days dropping away, it now seems that ETH is ready for a rebound.
This is particularly evident from its relative strength index (purple), which declined from 70 on Monday and has touched 30 a couple of times in the past 24 hours.
It has since bounced towards 50 in the past few hours, with the Ethereum price actually up by nearly 1% in the past hour.
As such, we may be looking at the start of a short-term rally for ETH, helped by the news that BlackRock has moved a step closer to launching its much-ballyhooed Ethereum ETF.
And even though the coin has seen a relative decline in the past week or so, its volume still remains fairly healthy, at around $15 billion.
This dwarves even the volume for ETH’s next-biggest rival, Solana, and suggests that interest remains solid.
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