The price of Ether (ETH), the cryptocurrency that fuels the Ethereum blockchain, is rallying today following news that BlackRock, a major US asset management giant, has officially registered the iShares Ethereum Trust in Delaware.

BlackRock, overseeing over $8.5 trillion in investor funds, took a similar step earlier when it registered the iShares Bitcoin Trust just ahead of filing for its spot Bitcoin ETF application in June. Analysts speculate that BlackRock might be gearing up to file a new spot Ether ETF application, potentially sparking a series of similar applications from other significant asset managers.

ETH is currently trading at around $2,040, marking its highest point since April. Meanwhile, Bitcoin hit its peak for the year, nearing $38,000 earlier on Thursday. The leading cryptocurrency has witnessed an impressive 50% surge since mid-October, primarily fueled by optimism surrounding the potential approval of spot Bitcoin ETFs by the US SEC.

Although Ether has experienced a more moderate 33% increase from its mid-October lows and is still below its earlier annual highs, there is potential for a "catch-up" to Bitcoin. Observers wouldn't be surprised to see Ether surpass its previous yearly highs, which were just below $2,150.