Will Ethereum Price Go Beyond $5000 Post BlackRock’s Ether ETF Approval?

Key Takeaways

• BlackRock’s entry into the Ethereum ETF market marks a pivotal moment in mainstream adoption, potentially opening doors for widespread institutional investment in cryptos.
• The anticipation surrounding the approval of Ethereum ETFs fuels positive sentiment and contributes to the bullish outlook for Ethereum’s price, reflecting growing confidence in the crypto market.
• As exemplified by BlackRock’s move, institutional participation underscores Ethereum’s evolving role as a key player in the digital asset landscape, further solidifying its position alongside Bitcoin.
• Hong Kong’s regulatory approval of spot Bitcoin and Ethereum ETFs reinforces its reputation as a crypto-friendly jurisdiction, fostering innovation and investment opportunities in the rapidly evolving digital asset sector.
• Against the backdrop of ETF anticipation, Ethereum’s price trajectory maintains a bullish stance, supported by institutional interest and regulatory developments, signaling potential growth and stability in the crypto market.

The BlackRock ETF Approval and Its Affect on ETH Price

Ethereum has become a major player in the market after Bitcoin. With its growing popularity, the need for an ETF has also become more viable. The biggest advantage of an ETF is that it simplifies an investment, potentially raising demand. BlackRock, the US investment pioneer with over $9.4 trillion in assets under management, is about to channel the capital of the traditional financial world into the crypto space. 

After filing for the Bitcoin Spot ETF, BlackRock announced its Ethereum Spot ETF filing in November 2023. This will surely impact the ETH price, mainly due to the positive sentiments surrounding the token. Secondly, people who are not aware of the workings of the token may also invest as it provides leverage to the price. This prevents the risk of owning an ETH directly from the exchange. Now that the Bitcoin Spot ETF could get approval, the optimism around the Ethereum ETF has also risen. 

Additional Read: Bitcoin ETF & Ethereum ETF Timeline and Key Dates

Hong Kong Approves Spot Bitcoin and Ethereum ETFs!

Hong Kong is swiftly cementing its status as a global center for crypto innovation and investment with the recent approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) by the Securities and Futures Commission (SFC). This landmark decision marks a significant step forward in Hong Kong’s journey to become a leading player in the rapidly evolving digital asset landscape.

Prominent financial firms, including China Asset Management, Bosera Capital, and HashKey Capital Limited, have received regulatory approval to launch these pioneering ETFs, allowing investors to directly access and invest in Bitcoin and Ethereum through traditional financial channels. This move not only provides investors with new avenues for asset allocation but also reinforces Hong Kong’s commitment to embracing digital assets in a regulated framework.

The approval of spot Bitcoin and Ethereum ETFs underscores Hong Kong’s progressive approach to crypto regulation, particularly when compared to neighboring jurisdictions like mainland China, which has imposed stricter measures on crypto trading and mining. Hong Kong’s crypto-friendly environment is further exemplified by its initiation of a crypto licensing regime for trading platforms in June 2023, granting licenses to platforms like HashKey and OSL.

In addition to facilitating greater investor access to digital assets, the approval of these ETFs is expected to stimulate innovation and competition within Hong Kong’s financial sector. By providing a regulated avenue for crypto investment, the region is positioning itself as a hub for fintech innovation and investment, attracting talent and capital from around the world.

Moreover, the approval of spot Ethereum ETFs ahead of similar decisions in other jurisdictions, such as the United States, highlights Hong Kong’s proactive stance in embracing emerging technologies and fostering a conducive environment for digital asset innovation. This forward-thinking approach is expected to further enhance Hong Kong’s reputation as a global financial center and solidify its position as a key player in the digital economy of the future.

Ethereum’s Current Market Position

ETH/USD | Source: Tradingview

• Ethereum price surged in 2024 alongside Bitcoin’s upward trajectory, particularly following the Ethereum Dencun Upgrade, with minor post-upgrade fluctuations leaving it hovering just below the $3500 mark, highlighting its resilience in pricing.
• Despite a recent market correction, Ethereum price is showing signs of recovery after a weekend downturn. Notably, a falling wedge pattern has emerged on the price chart, indicating an optimistic outlook and the potential for a strong rebound.
• Ethereum briefly surpassed $4000 before facing selling pressure post-Ethereum Dencun upgrade, yet optimism remains high for a rebound, especially with the Bitcoin halving approaching, underscoring Ethereum’s resilience and recovery potential.
• Short-term targets for Ethereum price include surpassing the $3500 level, with subsequent targets at $4000 and eventually $4240, corresponding to the R1 and R2 Fibonacci levels, respectively.
• Despite fluctuations, ETH price maintains a bullish trajectory in the short and medium terms, residing above the 200-day Exponential Moving Average (EMA) but below the 50-day EMA.
• Ethereum price is expected to find strong support around $3000, aligning with the S2 Fibonacci level, indicating stability amid market volatility and offering potential investment opportunities.

Read On: Ethereum Roadmap Explained

Factors Impacting Ethereum Price

The Ethereum price has been displaying significant price action for a long time. The crypto market sentiments have had a major impact on the price. Along with this, there are many other factors like demand and supply, global factors, the Bitcoin price, and mainly the positive sentiments hovering around the Spot ETF. 

Learn More: ETH Price Prediction

Ethereum Price Prediction 2024

• Ethereum’s price surged alongside Bitcoin in 2024, reaching near $3500 pre-Ethereum Dencun Upgrade, demonstrating resilience despite minor post-upgrade fluctuations.
• Recent market corrections led to a falling wedge pattern formation, suggesting optimistic price trends and potential rebounds amid Ethereum’s recovery attempts.
• BlackRock’s Ethereum Spot ETF filing and anticipation surrounding Bitcoin’s halving underline optimism for Ethereum’s rebound, targeting key levels like $3500, $4000, and $4240.
• Ethereum maintains bullish short and medium-term trajectories, supported by price positions relative to 200-day and 50-day EMAs, indicating market stability and positive investor sentiment.
• Ethereum’s price stability around $3000, backed by Fibonacci support levels, offers a firm base amid market volatility, presenting strategic investment opportunities and reinforcing confidence in Ethereum’s resilience.
• Long-term Ethereum price predictions from 2024 to 2030 depict a dynamic journey, highlighting potential scenarios ranging from bullish surges and recovery phases to bearish corrections and stabilization periods, reflecting the evolving nature of the cryptocurrency market.

Read More: Will Ethereum Price Ever Reach $10,000?

How High Can Ethereum Price Go in 2025

The markets are expected to remain geared up since the beginning of the year, as investors could have become more optimistic about the upcoming trend. The bull run that began in the last few weeks of 2024 is expected to continue until 2025. As the markets could be in the middle of the prevailing upswing, the bears may not have enough room to survive. Therefore, the bears are expected to remain passive until the crypto marks its highs for the prevailing run. 

In the first few days of H2 trade, the Ethereum price is believed to mark a new ATH between $7500 and $8200. The bulls could be self-assured of keeping the bullish momentum up and, hence, aiming to reach beyond $9000. However, before marking these levels, they are expected to get exhausted, enabling the bears to extract profit. This may trigger the beginning of a minor pullback that may further transform into a correction. Therefore, the Ethereum price prediction for 2025 continues to remain bullish, with a price range of $6500 to $6600. 

How Much 1 Ethereum Be Worth in 2030

•  After the bull run reaches its destiny in 2025, the bear market is expected to prevail for the next couple of years. 
• By the end of 2027, a recovery phase may begin and may intensify in 2028. Further, a fresh bull run may be expected in 2029, wherein the price is expected to rise beyond the $10,000 milestone.
• The bull run is expected to trigger since the start of 2030 and persist for the first few months of the year.
• The price is expected to maintain a healthy upswing for the first half and reach a new milestone around $12,000, which may be the new ATH for the prevailing bull run.
• Here, the bulls could get exhausted as the buying volume may wane. The bears may slowly begin to extract their profit following a rejection from the highs.
• By the end of the third quarter, the rally is expected to enter a correction phase, dragging the price below $10,000.
• The price is believed to maintain a descending consolidation until the end of the year. The Ethereum price prediction for 2030 remains neutral, with price targets between $8500 and $8800 by the end of the year.

Wrapping it Up!

BlackRock is one of the largest investment companies in the world. The rising interest in the crypto space has offered wide attention and exposure, as fresh capital is expected to flow into the markets in the days ahead. After filing for a Bitcoin spot ETF, BlackRock filed for an Ethereum spot ETF. As the Bitcoin ETF is expected to receive approval in the first quarter of 2024, the roads for the Ethereum ETF are also expected to be cleared. 

Besides, global factors like regularity, taxation, etc. are also expected to materialize in the coming days, which may strengthen the confidence of investors and authorities in the crypto space. With ease in carrying out trades, adoption is expected to skyrocket, impacting the ETH price to a large extent.

Know More: How to Buy Ethereum in India?