Ethereum Price Prediction as Billionaire Larry Fink Sees ‘Value’ in an Ethereum ETF – $10,000 Incoming?

Arslan Butt

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Ethereum Ethereum’s price prediction

is garnering increased attention following BlackRock CEO Larry Fink’s endorsement of the potential in Ethereum-based exchange-traded funds (ETFs). In a recent CNBC interview, Fink acknowledged the value of an Ethereum ETF, signaling a significant shift in institutional interest towards the cryptocurrency.

BlackRock, commanding an impressive $10 trillion in assets under management, has highlighted the importance of these ETFs, envisioning them as pivotal connectors between traditional finance and the evolving crypto sector.

🚨NEW: @BlackRock CEO Larry Fink to @FoxBusiness’s @CGasparino on #Bitcoin:

⚜️If you’re fearful of your government, or worrying your government is devaluing the currency, then you could see this as a great potential long-term store of value. It’s like digital gold.

⚜️It is a…

— Eleanor Terrett (@EleanorTerrett) January 12, 2024

This endorsement comes on the heels of the U.S. Securities and Exchange Commission’s (SEC) approval of 11 spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin ETF, which debuted on U.S. stock exchanges.

With BlackRock’s history of successful ETF applications and their recent submission for an Ethereum ETF, the crypto community is abuzz with speculation about Ethereum’s potential ascent, possibly reaching the $10,000 mark.

Ethereum Price Prediction

Ethereum (ETH/USD)

is showing modest gains, up by 0.33% to a current price of $2,530. The 4-hour chart indicates a pivot point at $2,530, with Ethereum facing immediate resistance at $2,605 and further hurdles at $2,720 and $2,798.

On the downside, support is established at $2,476, with additional support levels at $2,417 and $2,353.

🚀 #EthereumUpdate: ETH sees a subtle uptick to $2,530, up 0.33%. Pivot at $2,530 with resistance at $2,605 & $2,720. RSI at 53 hints at a mild bullish trend. 📈 Watch for Fibonacci retracement levels – bullish above $2,475! #CryptoNews #ETH #TradingAnalysis #MarketTrends 📊💹

— Arslan Ali (@forex_arslan) January 13, 2024

The Relative Strength Index (RSI) stands at 53, suggesting a balanced market sentiment with a slight bullish inclination. The 50-Day Exponential Moving Average (EMA) is currently positioned at $2,438, supporting the bullish trend.

Notably, Ethereum has recently completed a 38.2% Fibonacci retracement at the $2,530 mark. A break below this level could lead ETH towards the 50% or 61.8% Fibonacci retracement levels, located around $2,475 and $2,415, respectively.

Ethereum Price Chart
Ethereum Price Chart – Source: Tradingview

Given these technical indicators, Ethereum’s short-term outlook appears cautiously bullish, particularly if it maintains above the $2,475 threshold.

Traders and investors should closely monitor these Fibonacci levels, as they could serve as potential turning points for Ethereum’s price trajectory in the coming days.

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As Sponge V2 prepares for its exchange listing, it is positioned to create waves in the meme coin market with its unique earning and gaming prospects. Seize this final chance to stake $SPONGE for earning Sponge V2 tokens ahead of its anticipated exchange listing.

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