The price of Ethereum (ETH) has surged to a six-month high, breaking the $2,000 resistance and sparking speculation about the potential of a spot ETF filing from BlackRock.
Ether experienced an 8% rally on November 9, with this increase being credited to news of BlackRock registering the iShares Ethereum Trust in Delaware. This news led to $48 million worth of ETH short futures being liquidated.
The speculation regarding a potential Ether spot ETF filing follows BlackRock’s registration of the iShares Bitcoin Trust in Delaware in June 2023. However, BlackRock has not yet released an official statement on the matter.
The ETH derivatives metrics reveal that professional traders remain positioned for a bullish market, with the Ether futures premium reaching 9.5% on November 9, its highest level in over a year. However, retail indicators suggest an inconsistency with the surging optimism and demand for leverage using Ether derivatives.
The report also indicates a lack of retail demand, with Google searches for “Buy Ethereum”, “Buy ETH” and “Buy Bitcoin” remaining stagnant over the past week.
Despite this, the Ethereum network has seen increased demand, as reflected in the 30-day volumes of the top decentralized applications (DApps).
The recent rally and potential Ether spot ETF approval have put the $2,000 support level to the test. However, the lack of retail demand is not necessarily an indicator of impending correction.
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