"It's best, ETH before was just boring but crazy when it was due to BlackRock's actions."
The second largest cryptocurrency Ethereum (ETH) finally managed to climb up to $2,135 as BlackRock officially filed to launch its first ETH Exchange Traded Fund (ETF) product.
The giant firm's plans were revealed in a filing by the United States (US) exchange Nasdaq, but BlackRock seeking to list the product must receive approval from the Securities and Exchange Commission (SEC).
Early Thursday yesterday, the corporate entity "iShares Ethereum Trust" appeared registered in the state of Delaware, where iShares is the name of BlackRock's ETF division.
According to BlackRock Chief Executive Officer (CEO) Larry Fink, his firm has been working to list Bitcoin (BTC) ETFs which are easily tradable types of products including expanding crypto access to ordinary investors.
According to the filing, US-based crypto exchange Coinbase will be the custodian for the ETH held by the product while an unnamed third party will hold its cash.
Like to be informed that BlackRock who has a market-surveillance alliance with Coinbase will make it easier for him to get the ETF approved by the SEC as soon as possible without any obstacles.
If you look at the previous movement of ETH, the price has been constantly hovering between the range of $1,850 and $1,913 but yesterday ETH started to strengthen following the news, so the price may now try to break through the next resistance zone at $2,411.
As of this writing, the price of ETH has surged by 10.93% to $2,128 in the last 24 hours with a market cap of $256 billion and is up 18.47% over the past week.
