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Where is the retail demand as Ethereum price reaches 6-month high amidst BlackRock spot ETF buzz?

Where is the retail demand as Ethereum price reaches 6-month high amidst BlackRock spot ETF buzz?

ETH Price Breaks $2,000 Resistance, But Will Retail Demand Support Bullish Momentum?

– Ether (ETH) experienced an 8% rally, breaking the $2,000 barrier and reaching its highest price in six months.

– The rally was triggered by news of BlackRock registering the iShares Ethereum Trust in Delaware.

– The speculation of a potential Ether spot ETF filing by BlackRock fueled optimistic expectations.

– Professional traders placed bullish bets on ETH using derivatives, with the futures premium reaching its highest level in over a year.

– The options market also showed bullish sentiment, but not excessively so.

– The demand for Ethereum network is reflected in the high volumes of top decentralized applications (DApps).

– However, retail indicators, such as Google searches and stablecoin premium, show a lack of significant demand from retail investors.

– The lack of retail demand does not necessarily indicate an impending correction, but raises concerns about the sustainability of the rally.

– The hype around BlackRock’s Ethereum Trust registry and excessive leverage longs in ETH derivatives put the $2,000 support level to the test.

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