Sorry. This is clearly faked. The kid says "Hey, something touched me!" If it had been a real ET, he would have screamed or just collapsed.
Plus, note how the camera is far away when they are kicking the ball around but it is close up when the boy encounters the "creature"? If the kid with the camera didn't know there was going to be something there in advance, why would he follow the boy going after the ball for a close up?
[z]
Now that you mention it, I did remember seeing the "blip" in the screen, thanks for pointing that out.