Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
Highlights
- Technical analysis points to an Ethereum price surge to $6,500 in the near term.
- The coin will likely jump and cross the extreme overshoot level later this year.
- BlackRock’s ETHA ETF is nearing the important milestone of $20 billion in assets.
Ethereum price could be on the verge of a strong bullish breakout in the coming weeks as Wall Street investors pile into its ETFs. ETH token was trading at $4,800 today, Oct. 7, and the Murrey Math Lines tool points to more gains, potentially to $6,500.
Ethereum Price Murrey Math Lines Points to a Surge to $6,500
The weekly timeframe chart shows that the Ethereum price has stalled in the past few days as investors remain reluctant to push it above the important resistance level at $5,000.
Still, numerous chart patterns points to more gains in the coming weeks. For one, the coin has formed a hammer candlestick pattern, which is made up of a body and a long lower shadow. A hammer does not have an upper shadow, and is always a highly bullish reversal sign.
The coin has moved above the important resistance level at $4,070, its highest level on March, May, and December last year. This means that it has completed the break-and-retest pattern, a popular sign of a bullish continuation sign.
Ethereum price has remained above the 50-week and 100-week Exponential Moving Averages (EMA), while the Relative Strength Index (RSI) has been in a strong uptrend.
One of the most important signals is the Murrey Math Lines tool, which is a common charting tool that traders use to identify support and support levels. It is about to move the ultimate resistance level at $5,000.
A move above that price will raise the possibility of it soaring to the extreme overshoot level at $6,250, followed by the psychological level at $6,500. Such a move will be a nearly 40% surge from the current level.
On the other hand, a drop below the support at $4,000 will invalidate the bullish ETH price forecast 2025.
BlackRock Ethereum ETF is Nearing $20 Billion Milestone
One of the main catalysts that will boost the Ethereum price is that American institutional investors are accumulating the coin.
Data shows that spot Ethereum ETFs have had cumulative inflows of over $14.6 billion since their approval in July last year.
Notably, BlackRock’s ETHA ETF continues to dominate the industry with cumulative inflows of over $13.9 billion. It now has over $18.6 billion in assets, meaning that it may soon cross the $20 billion milestone this week if the trend continues.
ETHA’s ETF accounts for most of the assets in Ethereum ETFs, which stands at over $32 billion. The other top Ethereum ETFs are by companies like Grayscale, Fidelity, and Bitwise.
BlackRock is also dominating in the Bitcoin industry, where the assets have jumped to almost $100 billion in assets, making it the 8th biggest fund by the company and its most profitable.
Frequently Asked Questions (FAQs)
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