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ETH Price shoots 10% After BlackRock Ethereum ETF Filing, Next $2500?

Ethereum ETF: BlackRock's spot Ethereum ETF filing added the fuel while the Ethereum micro addresses register a new milestone.
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ETH Price shoots 10% After BlackRock Ethereum ETF Filing, Next $2500?

The world’s second-largest cryptocurrency Ethereum (ETH) joins the mega rally in the altcoin space with the ETH price shooting by a staggering 10%. As of press time, ETH is trading 10.36% up at a price of $2113 with a market cap of $254 billion.

ETH Addresses Shoot

The recent Ethereum price rally comes amid a strong accumulation of ETH addresses across all cohorts. On-chain data provider Santiment reported that in the past four weeks, Ethereum has experienced a significant surge in its market value, witnessing a remarkable increase of +38%.

This surge is attributed to substantial growth in the network. Notably, the number of micro addresses holding less than 0.1 ETH has exceeded 100,000 wallets for the first time. Additionally, there is a notable upward movement in the 0.1-10 ETH and 10,000+ ETH tiers.

Courtesy: Santiment

Amid the recent ETH price rally, ETH has managed to overcome a major supply wall at $2,030. As per popular crypto analyst Ali Martinez, the ETH price has not further stopped until $2,500.

BlackRock Ethereum ETF

The biggest trigger to the Ethereum price rally today is the filing of the spot Ethereum ETF by the world’s largest asset manager BlackRock.

Delaware’s Division of Corporations website displayed the registration of an iShares Ethereum Trust on Thursday. This development mirrors a pattern observed in June when BlackRock filed for a Bitcoin ETF shortly after a similar notice for the iShares Bitcoin Trust.

Note that BlackRock is not the first to file for a spot Ethereum ETF. So far there have been seven applications submitted to the US SEC by players such as VanEck, ArkInvest, 21Shares, Invesco, Hasdex, and Grayscale.

Along with Ethereum, several altcoins have joined the recent rally. Oracle service provider Chainlink has recorded 100% gains over the past three weeks. On the other hand, Ethereum’s layer-2 platform Polygon is also seeing a sharp rally in its native token MATIC eyeing $1.

Amid the current developments, popular crypto analyst Lark Davis said: “Blackrock will get Bitcoin, Ethereum, and yes eventually Chainlink, Solana, etc ETFs. This cycle is when the institutional money shows in big time. It also means it could be the last cycle for insane life changing generational wealth”.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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