Ether (ETH), the token that powers the Ethereum network, is trading in a second green session at $1,956, up 0.6% on the day and 4.5% over the last week. The second largest cryptocurrency by market capitalization continues to display strength after Blackrock refiled its spot Bitcoin ETF filing with the US Securities and Exchange Commission (SEC).
Blackrock Resubmits its Spot Bitcoin ETF
Blackrock resubmitted its Bitcoin ETF filing to the SEC on Thursday, Blackrock names Coinbase, a US-based cryptocurrency exchange, as its custodian and for its spot market data for pricing. Coinbase also has an agreement to provide similar services to Fidelity, which is seeking its own Bitcoin spot ETF.
JUST IN: BlackRock has re-filed for spot bitcoin ETF, the resubmission was dated 6/29, Nasdaq just posted tho. They just added Coinbase like everyone else. pic.twitter.com/UGq46DdLgu
— Eric Balchunas (@EricBalchunas) July 3, 2023
This news comes after a tumultuous week for ETF filers. The SEC had previously rejected all the spot ETF applications by Blackrock, Ark, Valkyrie, WisdomTree, Invesco and others citing improper paperwork.
The SEC has rejected a number of spot Bitcoin ETF applications in recent years, including one from Fidelity in January 2022.
The crypto industry is looking to gain momentum after a drab 2022 that was characterized by the collapse of several crypto firms and crypto projects, including Sam Bankman-Fried’s crypto empire FTX.
After the refiling news by Blackrock, crypto prices responded positively with Bitcoin (BTC) topping $31,000 and Ethereum (ETH) trading close to $2,000. The global crypto market cap is up $0.76% over the last 24 hours to stand at $1.21 trillion, according to data from CoinMarketCap.
Ethereum Price Eyes 10% Gains To $2,140
Ethereum price has completed a V-shaped recovery as shown on the daily chart below. If the same momentum continues and Ethereum produces a daily candlestick close above $2,000, the buyers will be bolstered to collect the liquidity above that with their eyes set on the 12-month high around $1,240.
If this happens, it will represent a 9.44% uptick from the current price. Ethereum’s upside could be capped here in the short-term as profit-booking kicks in.
ETH/USD Daily Chart
Supporting Ethereum’s upside was the ascending trendline which has been supporting the smart contracts coin since November. This dynamic support has coincided with a number moving support, the 200-day Simple Moving Average, currently at $1,690.
These in addition to the 50-day SMA and the 100-day SMA at $1,834 and $1,859 respectively provide robust support for the token on the downside. Demand pressure from these levels could propbel Ethereum price higher from the currency price.
On the downside, A daily candlestick close below the V-shaped pattern’s neckline at $1,926 would see the ETH drop below the 100- and 50-day SMAs, invalidating the bullish thesis.
Below that, the next logical move would be toward the $1,700 level, embraced by the 200-day SMA and later to the governing chart pattern’s lower tip at $1,627.
Market participants could expect bulls to regroup here, and buy more Ether at discounted rates, before making another attempt at recovery.
