Key Insights :
- BlackRock’s iShares ETF added 27,846 ETH, worth $73.21 million, raising total holdings to 1.49 million ETH, valued at $3.93 billion.
- Ethereum faces critical support at $2,475; a drop below could lead to declines toward $2,284 and $1,834.
- Technical indicators and moving averages signal bearish momentum in Ethereum’s short-term trend.
Ethereum price is under pressure as it tests a key technical level. Meanwhile, major institutional players are increasing their holdings. One such player, BlackRock, has recently increased its position in ETH through its iShares ETF product.
BlackRock Adds $73M Worth of ETH: Ethereum Price to Rally?
Recent blockchain data shows that BlackRock’s iShares Ethereum ETF has acquired 27,846 ETH. This brings its total ETH holdings under management to 1,493,295.
The purchase is valued at $73.21 million. It brings the total Ethereum value within the fund to approximately $3.93 billion.
Notably, this acquisition occurred amid growing anticipation surrounding spot Ethereum ETF approvals in the United States. Institutional interest has increased following the Securities and Exchange Commission’s May 2024 indication that such products could advance.
BlackRock’s Ethereum position signals long-term strategic interest, reinforcing its earlier moves in Bitcoin ETF products. In addition, the iShares fund is one of nine Ethereum ETFs currently active in the market.
On June 5, these nine ETFs recorded a combined net inflow of 22,029 ETH, equivalent to $57.91 million. Institutions continue to accumulate ETH despite market fluctuations. Short-term conditions still pose downside risks to the Ethereum price.
ETH Price Prediction: ETH Holds at Key Support Level
On a recent ETH price prediction, the crypto is approaching a crucial technical level at $2,475. Analyst Mohsin Ali identified this price area as a key support. There, failure to hold may lead to further downward price movement.
If the Ethereum price drops below this point, analysts expect support at $2,284. A further decline could find the next support level at $1,834.
Historically, the $2,475 level has been an inflexion zone where buyers have entered too slowly or reversed downward momentum. However, with broader market volatility and low volume observed during early June, the strength of this level remains uncertain.
The current price action reflects a consolidation phase, where neither buyers nor sellers have taken decisive control.
In recent sessions, the ETH price has hovered around this support level, showing mixed signals across intraday charts. Any sharp move below this level may result in the liquidation of leveraged long positions.
Bearish Indicators Seen in Technical Charts
More so, several technical indicators on Mohsin’s chart point toward short-term weakness in the Ethereum price structure. Moving averages, particularly the 20-day and 50-day exponential averages, are beginning to slope downward, suggesting a loss of upward momentum.
Momentum oscillators such as the Relative Strength Index (RSI) also show values below 50, indicating weakening buyer strength. Another analyst, Carl Moon, pointed out a significant bearish signal for ETH as it broke below the ascending triangle pattern.
This technical breakdown suggested a potential decline in Ethereum price momentum. The loss of support beneath the triangle indicates traders may see increased selling, targeting a drop toward the $2,200 level.
Additionally, the analyst emphasized the importance of the $2,700 resistance zone. This, the ETH price failed to breach multiple times. The repeated rejections at this level and the subsequent sharp drop highlight bearish sentiment.
If selling pressure persists and macroeconomic factors do not provide support, the Ethereum price may continue its downward trajectory.
At the time of writing, the Ethereum price traded at $2,486.89, down 3.3% on the day. ETH showed mild recovery after a sharp dip from $2,558 but remains in a short-term bearish structure.