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BlackRock is going to list a Bitcoin ETP in Europe and likely launch the product in Switzerland. The firm recently launched a BTC ETF in Canada, but this marks its first offering like this outside North America.

Bitcoin’s price has proved volatile after a major rally in November, but BlackRock has consistently shown complete confidence in it. This ETP offering may substantially impact European markets.

BlackRock to Offer ETP in Europe

BlackRock has undergone substantial changes since becoming the world’s biggest Bitcoin ETF issuer. Its IBIT product has been hailed as the “greatest launch in exchange history,” and the firm holds 2.7% of the entire BTC supply.

BlackRock recently launched an ETF in Canada, and it’s continuing these expansion plans with a Bitcoin ETP in Europe.

“Being able to gain Bitcoin exposure via the ETP wrapper has proven to be a compelling combination for investors,” Samara Cohen and Jay Jacobs, BlackRock’s Chief Investment Officer of ETFs and Index Investments and US Head of Thematic and Active ETFs, respectively, wrote in a blog post last month.

According to reports, BlackRock is likely to domicile this new ETP in Switzerland. Over the past few years, the country has become a hub for friendly crypto regulation, with its “Crypto Valley” in Zug attracting much acclaim.

While Switzerland may have friendlier laws than the EU, it will need to comply with the MICA regulations to do business in the region.

For BlackRock, this European ETP is a strong signal of its executives’ confidence in Bitcoin. The asset’s price has been on a roller coaster for the past few months, generally holding onto gains from Trump’s election in November.

Still, these price wobbles are not enough to deter BlackRock’s new ETP strategy. Last December, IBIT boasted higher AUM than over 50 European ETFs, and it’s been growing since.

Recently, it also saw huge trading volumes despite continued tumult in Bitcoin. Ethereum ETFs recently overperformed their underlying asset by large margins; perhaps this will happen for BTC.

BlackRock may begin marketing this Bitcoin ETP in as little as one month. The company hasn’t made any public statements or responded to press requests, but a few employees spoke off the record.

Overall, the firm has a huge amount of capital and market influence, and this offering may substantially shake up EU markets. This plan may reap huge rewards.

Ethereum price started a recovery wave above the $2,650 zone. ETH is showing positive signs and might aim for a move above the $2,880 resistance.

• Ethereum started a decent upward move above the $2,650 zone.
• The price is trading below $2,850 and the 100-hourly Simple Moving Average.
• There was a break above a short-term declining channel with resistance at $2,780 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh decline if it stays below the $2,880 level.

Ethereum Price Recovery Gains Pace

Ethereum price started a recovery wave after it dropped heavily below $2,500, underperforming Bitcoin. ETH tested the $2,120 zone and recently started a decent upward move.

The price was able to surpass the $2,550 and $2,650 resistance levels. It even climbed above the 50% Fib retracement level of the downward wave from the $3,400 swing high to the $2,120 swing low. There was also a break above a short-term declining channel with resistance at $2,780 on the hourly chart of ETH/USD.

Ethereum price is now trading below $2,850 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,840 level and the 100-hourly Simple Moving Average.

The first major resistance is near the $2,880 level. The main resistance is now forming near $2,920 or the 61.8% Fib retracement level of the downward wave from the $3,400 swing high to the $2,120 swing low. A clear move above the $2,920 resistance might send the price toward the $3,000 resistance.

An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,120 resistance zone or even $3,250 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,840 resistance, it could start another decline. Initial support on the downside is near the $2,700 level. The first major support sits near the $2,640 zone.

A clear move below the $2,640 support might push the price toward the $2,550 support. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,640

Major Resistance Level – $2,880