Traders Rally Behind Ethereum's $2,800 Floor as BlackRock Dominates ETF Market

Ethereum traders have been defending the $2,800 accumulation floor through massive buying pressure. According to Glassnode data, 3.6 million ETH accumulated at that price point, while another 2.8 million ETH sit at the $3,150 level.

BitMine, which stakes nearly $7 billion of ETH, continues to scoop up the asset in large quantities and has launched its Made In America Validator Network to add an institutional staking layer.

The $3,085 level is being monitored as immediate resistance by traders. BlackRock's dominance in the Ethereum ETF market has been a key factor in driving demand for ETH, with their ETHA product capturing nearly 69% of the $216 million that flowed into US spot Ethereum ETFs on September 11.

However, Grayscale's ETHE has seen significant outflows due to its high 2.5% management fee, with investors instead opting for lower-cost vehicles like Fidelity's FETH, which has attracted $2.13 billion in assets under management.