Ethereum Targets $2,800, BlackRock Now Controls Over 350,000 ETH

Ethereum is firm at press time. Although there are hints of strength, the coin is within the range of the first half of the week. Resistance is emerging at around $2,700. If this level is taken out this week, the probability of ETH soaring above $2,800 will be elevated. Technically, buyers are in charge, especially following the close above $2,400. From the candlestick arrangement in the daily chart, a solid base for an eventual retest of $3,000 is being established. Accordingly, aggressive traders might choose to consider longs and accumulating.

There is confidence that Ethereum will follow Bitcoin and break above $2,800. However, this largely depends on how prices react at this week’s highs. If there is confirmation of gains for the better part of this week, ETH may come on top. Thus far, the coin is steady on the last day but up 4% over the past week. At the same time, engagement is rising. The average trading volume stands above $16 billion in the previous 24 hours.

As prices recover, traders should closely monitor the following Ethereum news events:

• Despite surging crypto prices, the sentiment among traders, looking at the CMC sentiment poll, is bearish. Over 70% of market participants are net bearish on the second most valuable coin.
• Amid rising crypto prices, it is emerging that BlackRock is rapidly buying ETH and BTC, increasing their holdings. On the last day, the global asset manager bought 2,420 ETH, pushing their total holdings to over 350,000 ETH.

Ethereum Price Analysis

ETH/USD is bullish at press time, and buyers remain in control for the better part of this week.

The breakout above $2,400 was crucial in setting the ball rolling.

With sellers giving up and ETH bull momentum building up steam, there might be opportunities to consider longs.

Every dip above $2,400 may offer entries for immediate targets at $2,800.

Notice that bars are along the upper BB and above the 20-day moving average—pointing to strength.

Any unexpected dump below $2,500 will question whether bulls have what it takes to lift the coin above $3,000.