Ethereum surged to a weekly high of $2,144 on March 13, before stabilizing around $2,100. The rally comes after BlackRock launched its first staked Ethereum ETF, marking a major milestone for the crypto market.
The new iShares Staked Ethereum ETF (ETHB) recorded $15.5 million in trading volume on its first day. Unlike older Ethereum ETFs, this fund stakes between 70% and 95% of its holdings on the Ethereum network, allowing investors to earn around 82% of staking rewards through monthly distributions.
Market analysts suggest the ETF could draw funds away from other Ethereum products, including BlackRock’s non-staking ETHA ETF, as investors seek both price exposure and yield.
Besides ETF news, a sharp drop in Brent crude oil prices added momentum. Lower oil prices encouraged investors to move into risk assets like Ethereum, supporting the uptrend.
Technical indicators show bullish signals. A potential crossover between the 20-day and 50-day moving averages on the daily chart could confirm continued upside. The Relative Strength Index (RSI) remains below overbought levels, indicating room for more gains.
Traders are closely watching $2,200 as the next resistance. A break above that level could confirm a stronger bullish sentiment and challenge bearish patterns that have been forming in recent months.
If Ethereum fails to hold above current levels, a drop toward $1,800 could validate the prior bearish flag pattern. For now, ETH appears poised for continued upward momentum driven by ETF inflows and positive market sentiment.
