Bitcoin and Ethereum Surge to Record Highs on Spot ETF Developments

Bitcoin and Ethereum Hit Highs on Spot ETF News

Ethereum (ETH) Soars by 12.30% as BlackRock Submits 19b-4 Filing

On Thursday, Ethereum (ETH) witnessed an impressive surge of 12.30%, reaching $2,121 by the end of the session. The rally was triggered by the news of BlackRock (BLK) submitting a 19b-4 filing with the Nasdaq. Bloomberg Intelligence Analyst James Seyffart confirmed the BlackRock Ethereum ETF, stating, “UPDATE: BlackRock Ethereum ETF confirmed. They just submitted a 19b-4 filing with the Nasdaq.”

Seyffart also listed other pending ETH-spot ETF filings awaiting SEC decisions, including applications from VanEck, ArkInvest/21Shares, Hashdex, Invesco/Galaxy, and Grayscale’s filing to convert the Ethereum Trust into a spot ETF.

Bloomberg Intelligence Analyst Eric Balchunas noted the market’s reaction to the BlackRock filing, stating, “No shocker, Ether up 8% on the news,” emphasizing the significance of the event.

Read Also: ARK Invest’s Maiden Spot Ether ETF Application Submitted to SEC

RocketFuel Partners with Ripple for Efficient Global Payments

RocketFuel, Inc. announced a strategic partnership with Ripple on Wednesday. This collaboration aims to adopt Ripple Payments to meet the growing demand for faster, more reliable, and cost-effective FIAT payments to merchants and partners globally. Brendan Berry, Head of Payments Product at Ripple, highlighted the transformative impact of the partnership, stating, “Through partners like RocketFuel, we empower businesses globally by providing efficient and cost-effective payment solutions through the power of crypto and blockchain.

Polygon (MATIC) Surges 22% Amidst Polygon Village Relaunch

Polygon (MATIC) experienced a remarkable 22% increase this week, attributed to the relaunch of Polygon Village by Polygon Labs. The announcement emphasized the enhancements to Polygon Village, including a grant program exceeding 110 million in MATIC, deep mentoring, and ecosystem support for Web3 founders.

Read Also: Nasdaq Files for BlackRock’s iShares Ethereum Trust ETF

Technical Analysis

Bitcoin Analysis

BTC maintained positions above the 50-day and 200-day EMAs. A breakthrough above the $37,600 resistance level and Thursday’s high of $38,020 could propel BTC towards the $40,000 mark. However, a drop below the $36,400 support level may bring the $35,265 support level into play. With the 14-Daily RSI reading at 79.54, BTC sits in overbought territory, indicating potential selling pressure without favorable BTC-spot ETF-related news.

Read Also: Bankrupt Crypto Lender Celsius Seeks Deadline Extension

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs, showcasing a bullish trend. Breaking through $2,150 could set ETH on a course for $2,300. Conversely, a drop below $2,050 might bring the $2,021 support level and sub-$2,000 into focus. The 14-period Daily RSI at 80.90 suggests overbought conditions for ETH, emphasizing the potential for intensified selling pressure at $2,150 without favorable cryptocurrency-related events.

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About Victor Dsouza

Victor Dsouza is Crypto Journalist. He is keen to write about crypto tokens, crypto presale, you can follow him on twitter and LinkedIn.

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