Ethereum Over Bitcoin at BlackRock: Could a $3000 Rally Be Next?

BlackRock, the world’s largest investment firm, is showing strong interest in Ethereum (ETH). According to Robert Mitchnick, the head of digital assets at BlackRock, the company is more excited about Ethereum than Bitcoin, especially among its tech team.

Mitchnick revealed that for every four people excited about Ethereum, only one is focused on Bitcoin. This shows that BlackRock sees big potential in Ethereum’s ability to run smart contracts and support decentralized apps. Even though BlackRock already manages the biggest Bitcoin ETF, iShares Bitcoin Trust (IBIT), its growing focus on Ethereum suggests they’re planning something big with ETH.

Also, the number of Ethereum validators—the people who help secure the network—is going up, showing that Ethereum is growing and becoming more popular.

Is Ethereum’s Bull Run Over?

Ethereum’s price has been riding a rollercoaster, and while some are hopeful, experts say the bearish clouds are still hanging around. Analyst Josh from Cryptio World points out that even though Ethereum shows some short-term bounces, the bigger picture isn’t looking too bright.

Ethereum’s price has been falling since it broke below an important support line that’s held for years. This move is a strong sign that the market is shifting from bullish to bearish. 

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Ethereum is testing a key support level around $1,870, based on the 78.6% Fibonacci retracement. If it breaks below this level and struggles to get back above it, the next stop could be around $1,500, a previous low point.

If Ethereum does bounce back, it could face heavy resistance between $2,100 and $2,200, which is where it recently hit a wall. In fact, Ethereum rejected that level almost exactly, confirming that it’s a tough barrier to break.

While the Stochastic RSI is showing a bullish signal, hinting at a possible short-term bounce, the RSI is at its lowest since June 2022, showing that the overall trend is still leaning bearish.