Ethereum Price Prediction as Billionaire Larry Fink Sees ‘Value’ in an Ethereum ETF – $10,000 Incoming?
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Ethereum has been gaining increased attention within the cryptocurrency community following BlackRock CEO Larry Fink’s endorsement of the potential in Ethereum-based exchange-traded funds (ETFs). Fink, who commands an impressive $10 trillion in assets under management, acknowledged the value of an Ethereum ETF in a recent CNBC interview. This marks a significant shift in institutional interest towards the popular cryptocurrency.
BlackRock, a renowned investment management company, believes that these ETFs serve as essential bridges between traditional finance and the evolving crypto sector. Their endorsement comes shortly after the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin ETF, which made its debut on U.S. stock exchanges.
Given BlackRock’s successful history of ETF applications and their recent submission for an Ethereum ETF, experts and crypto enthusiasts are speculating about Ethereum’s potential ascent, with some suggesting that it may reach the impressive $10,000 mark.
Ethereum (ETH/USD) currently shows modest gains, with a 0.33% increase, bringing its price to $2,530. According to the 4-hour chart, Ethereum faces immediate resistance at $2,605, and further hurdles at $2,720 and $2,798. On the downside, support levels are established at $2,476, $2,417, and $2,353.
The Relative Strength Index (RSI) is currently at 53, suggesting a balanced market sentiment with a slight bullish inclination. Additionally, the 50-Day Exponential Moving Average (EMA) sits at $2,438, providing support for the bullish trend.
It’s worth noting that Ethereum recently completed a 38.2% Fibonacci retracement at the $2,530 mark. A break below this level could potentially lead ETH towards the 50% or 61.8% Fibonacci retracement levels, located around $2,475 and $2,415, respectively.
Based on these technical indicators, Ethereum’s short-term outlook appears cautiously bullish, particularly if it holds above the $2,475 threshold. Traders and investors should closely monitor the Fibonacci levels as they could serve as potential turning points for Ethereum’s price trajectory in the coming days.
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Please note that this article does not constitute investment advice and is solely for informational purposes as cryptocurrencies are a high-risk asset class. Users are advised to do their own research and exercise caution when engaging in crypto-related activities.
