©Reuters
Investing.com – The stock exploded higher Thursday afternoon, extending its gains to a high of $2,131 (highest since April 16) around midnight, after starting the day around $1,900.
At the time of writing, ETH/USD remains near its recent highs, posting a gain of 12% over 24 hours and 18% over 7 days.
As for the reasons for this powerful rally, we note that BlackRock (NYSE:), the largest asset manager in the world, has officially filed a proposal for an Ethereum spot ETF with the , a proposal which could be quickly registered to the SEC for review.
Shortly before, BlackRock filed iShares Ethereum Trust in Delaware, a similar scheme to its spot ETF proposal. The next step is therefore the registration of the proposal with the SEC, and it is not excluded that the crypto will progress further when confirmation is received.
From a charting perspective, breaking through key resistance at $2,000 is an important bullish signal for ETH, and this threshold is now the first credible support to consider in the event of a correction.
Lower, the $1850-1900 area will be the next support, and below this threshold, the bullish bias can be considered contested. In case of further gains, yesterday’s high at $2131 combines with April’s major high at $2137 to form an immediate resistance zone.