Price Analysis: Ethereum Hits 6-Month High on BlackRock ETF Speculation
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Ethereum prices topped $2,050 Thursday, reaching the highest level since May. The rally comes amid rumors that BlackRock may soon file for an Ether ETF.
The chart shows Ethereum remains in a clear uptrend, with the 50-day SMA and 20-day EMA providing dynamic support.
However, the RSI is overbought at 80, signaling the rally may be overextended short-term. This could lead to a pullback or consolidation as the indicator cools off.
Upside resistance may emerge around the current highs and psychological levels above $2,000. Support could be present around the key moving averages.
If the uptrend continues, Ethereum could target new highs above $2,100. But overbought conditions raise the chance of a correction, which could retest previous lows if the trend shifts bearish.
BlackRock registered the iShares Ethereum Trust this week, sparking speculation it will submit an ETF application to the SEC soon. The asset manager took a similar step before filing for a Bitcoin ETF.