BlackRock's $1 Billion ETH Purchase Fuels Ethereum Price Bounce

Ethereum's price has been consolidating around $2,500, but experts say it could be poised for a move towards $3,000. BlackRock's ETHA fund purchased over $1 billion worth of Ethereum in nine days, with no net-selling days during the period.

Income Sharks noted that traders often lose more during consolidation than downtrends because they overtrade sideways markets. The analyst said waiting can be preferable during such periods and that if this decline marks a bottom, ETH could build a new base or accelerate directly towards $3,000.

Ted agreed that the key level to watch is $2,550, saying that a weekly close above it could push Ethereum towards $3,000, but continued rejection from that zone could send ETH toward $2,000-$2,100. The immediate support zone for ETH is between $2,400 and $2,420.

Arkham reported that BlackRock's clients purchased more than $1 billion of ETH through ETHA over nine days without any net-selling days. ETH found support near $2,400 after rejecting the $2,550 area, and a break below could expose $2,360 and potentially $2,320.