Move to Bitcoin ETF, it’s time for Ethereum to take center stage.

$9 trillion asset manager BlackRock has revealed its intention to launch a spot Ethereum ETF, and has already sent a price per ETH above $2,000.

News: BlackRock’s ETF crosses the $2,000 mark

Ethereum sentiment has been at rock bottom recently, but today’s breaking news immediately revived the top altcoins and caused its price to soar.

This news was none other than BlackRock announcing its intention to file for an exchange-traded fund (ETF) for Ethereum. BlackRock’s Bitcoin ETF has led to increased interest and speculation in BTC.

Ether breaks above $2,000 | ETHUSD on TradingView.com

Bitcoin’s price rose more than 100% in 2023, but Ethereum has lagged since then. All of this could change now that ETHUSD price has crossed the $2,000 mark and is now close to exiting the ascending triangle pattern.

ETH breakout could change long-term momentum

If the bullish news backdrop and potential ascending triangle pattern weren’t enough positive signals for Ethereum, the highest altcoin by market cap has also surpassed the uptrend on the monthly LMACD indicator.

Ether could target $10,000 next| ETHUSD on TradingView.com

LMACD is the logarithmic version of the Moving Average Convergence Divergence indicator, which is used to measure market momentum. With the potential for such a major shift in momentum, the price of ETH could rise much higher.

Short-term targets for the ascending triangle could see Ether return to all-time highs soon enough. However, long-term goals are closer to $10,000 per coin.

While this may have seemed far-fetched in retrospect, the capital flows that a spot ETH ETF could bring to the market could range from billions to potential trillions over time.