- Blackrock files for Ethereum ETF, boosting crypto community enthusiasm.
- Analyst predicts Ethereum could reach $42,000, but $28,000 more likely.
- Ethereum price rises to $2058, up 0.41% in the last hour.
The filing for an Ethereum spot exchange-traded fund by Blackrock is maintaining enthusiasm within the cryptocurrency community, with investors anticipating that this action will increase the value of the digital asset.
In a new video, the cryptocurrency-focused channel Altcoin Daily presenter Aaron Arnold highlighted these positive prospects. The commentator pointed out that the approval of Blackrock’s ETF is anticipated to be the catalyst for a surge in demand that will push the prices of Ethereum higher.
The analyst said that should the cryptocurrency network with the second-largest market capitalization experience the same percentage growth as it did in its last bull run, the value could reach $42,000. Nevertheless, the analyst noted that this cycle might represent the final significant surge in cryptocurrency prices.
Nevertheless, Arnold mentioned that the forecast of $42,000 could be overly optimistic, instead suggesting a potential increase to $28,000. The analyst arrived at this prediction by pointing out a significant reduction in the asset’s return. Consequently, he observed that the price of Ethereum is unlikely to surge as dramatically or rapidly as it has in the past.
At the same time, the cryptocurrency analyst pointed out that specialists in the field have been conservative regarding their forecasts for Ethereum’s price. He mentioned that this is because the asset did not increase in value to the extent they had anticipated in the previous cycle.
Arnold emphasized that if a Blackrock ETH ETF were to be approved, it would lead to a surge in investment in the cryptocurrency. He pointed out that this influx of funds would result from the substantial assets already under the firm’s management and the anticipated capital flowing into the cryptocurrency market following the approval of either a Bitcoin or Ethereum ETF.
According to the latest figures from CoinMarketCap, Ethereum has experienced an increase over the past 24 hours. Currently, the cryptocurrency is being traded for $2058 per unit, representing a 0.41% increase in the last hour as of the reporting time.
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