Bitcoin eyes $38,000, ETH breaks major resistance on Blackrock ETH news

Crypto market overview: The last 24 hours have been more than great for leading cryptocurrencies as Bitcoin went all the way to breach the $37,000 mark and eye its next $38,000 target. 

On the other hand, the star of the day remains Ethereum’s ETH which not only broke but is also sustaining the $2,100 mark, currently trading at $2,127. This sudden surge in ETH price is driven by the news of Blackrock’s plan to file for an ETH-based ETH with SEC. 

The Crypto Fear and Greed Index has also seen a one-point uptick reaching 70 points out of 100. 

While talking to Republic about the recent market movement, the CoinDCX Research Team said, “BTC experienced a rapid surge to $38,000 in spot and $38,500 in futures but swiftly retreated to $36,000, causing a substantial 20-25 per cent drop in many altcoins and triggering numerous liquidations. While some altcoins quickly recovered and continued in positive territory, others shifted from gains to losses.” 

“In this volatile scenario, ETH demonstrated resilience, holding its position just below the $2,130 resistance level and registering a noteworthy 10 per cent gain within a day. This outperformance against BTC in the last 24 hours may be attributed to the news that BlackRock, a $9 trillion asset manager, officially filed for a Spot Ethereum ETF with NASDAQ. It's worth mentioning that they previously filed for a BTC spot ETF, which is pending approval. The approval of both BTC and ETH spot ETFs could potentially lead to a significant bullish rally in the crypto market.”

Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, said, “In the last 24 hours, BTC managed to surpass the $37,000 level and hit another 18-month high just below $38,000 before correcting shortly after. However, ETH became one of the major market gainers after news about BlackRock’s plan to file for an ETH-based ETF became public. As an extension, tokens of ETH liquid staking platforms observed a surge, including LDO and RPL.

Edul Patel, CEO, Mudrex, also shared his insight into the Bitcoin market movement in the last 24 hours. Patel said “Bitcoin has recently surpassed the $37,000 mark, settling at approximately $36,800 in the last 24 hours, fueled by optimism surrounding the Bitcoin ETF. To maintain this momentum, Bitcoin will now need to breach the $37,100 level or face potential support of around $36,200. Meanwhile, Ethereum has experienced significant growth, exceeding 10 per cent in the past 24 hours and breaking through the $2,100 level. This surge is attributed to Blackrock's filing for its iShares Ethereum Trust, generating speculation about the possibility of an Ethereum spot ETF.” 

In other news, the crypto VC fund space will see new inflows as Lightspeed Faction, a blockchain-focused VC firm, announced a new $285 million fund that will primarily invest in early-stage blockchain projects.