Ethan Allen is changing its stock ticker from ETH to ETD to stop people from confusing it with ethereum

Both Ether's share price and Ethan Allen's shares have risen in 2021. Photo by S3studio/Getty ImagesEthan Allen Interiors has decided to drop its ETH stock symbol because some people have misinterpreted it with cryptocurrency ether.The new ETD ticker for the furniture company will go into effect on August 16.Ethan Allen's stock price and the price for ether, the token that is part of the ethereum Blockchain, are both higher this year.Check out more stories from Insider's business page.Ethan Allen Interiors will replace the ETH stock symbol that it has held for almost 30 years with the one of cryptocurrency ether. This is to remove any confusion about the ticker of the furniture manufacturer.According to a Thursday statement, the new NYSE ticker will become ETD on August 16th.The company's stock price soared by almost 60% over a one-year basis. It had also more than doubled in value from the year before. Some investors mistakenly mistook the ticker as the Ethereum token. Ethan Allen was the first person to go public with the ETH symbol in 1993.Farooq Kathwari (Ethan Allen's president and CEO) stated that the "change will better distinguish Ethan Allen newsfrom Ethereum news in search results. As Ethereum is often abbreviated to ETH," in the statement.StockTwits' Ethan Allen investment forum is filled with messages about ether, not furniture sellers. Ethan Allen was founded in 1932. It is now the oldest stateman on the market, as ethereum was launched by StockTwits in 2015.Ethan Allen's stock is down from its highs this year, but it was up by 18%. As part of increasing investment in cryptocurrency, Ether has seen its price rise by 280% to trade at $2,800. With a market capitalization around $330 billion, it's the second most traded cryptocurrency after bitcoin.Investors looking for Ethan Allen will see that there has been an increase in business as the pandemic caused a surge in demand for homes and the need for them to be furnished. From the previous year, the company's first quarter 2021 revenue increased 18%.Kathwari stated in Ethan Allen's statement that the "D" symbol in the new ticker symbol stands for "Design", reflecting the focus of interior design.