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BlackRock purchases accelerate as Ether bulls target $3,000

Altcoins By
Notcoin targets 38% rise despite key resistance: Will NOT succeed?
Notcoin targets 38% rise despite key resistance: Will NOT succeed?

The key takeaways

  • Open interest for Ether futures increased 40% within 30 days. Spot ETH ETFs also saw four straight weeks of growth.

  • ETH Gaussian channel indicates a possible rally between $3100 and $3600.

Ether, the native Ethereum coin (ETH)This sideways phase, which has lasted for 30 days between 2,300 and 2,800, could soon be over. On the 4-hour chart, ETH is retaining its support at the 200-day moving average exponential (EMA). The price has also formed a hidden divergence between the relative strength indicator (RSI) and the EMA. When the relative strength index (RSI) forms a higher low while price is forming higher lows then a hidden divergence has occurred.  

Ethereum’s bullish divergence hidden on the 4-hour graph. Source: Cointelegraph/TradingView

Ethereum Futures open interest The data on the (OI). CoinGlass The last 30 day data shows an increase of 40% to $36 billion, up from $26 billion. This reflects a growing confidence among traders amid price consolidation.

Ethereum Futures Open Interest Chart Source: CoinGlass

BlackRock’s continued purchases of Ethereum-based ETFs has led to a surge in the price.

Spot Ethereum Exchange-Traded Funds (ETFs). marked The fourth consecutive week, the company has seen net additions of 97,800 Ethereum, bringing total holdings up to 3,77 million ETH.

Chart of the Ethereum US Spot ETF Balance. Glassnode is the source for this chart.

BlackRock has quietly been amassing Ether. It holds 1.5 million ($2.71billion) in custody, and is tokenizing assets. Asset management company BlackRock has been around since bought The institutional belief in Ether is evident by the $500 million invested in Ether during the past 10 day period, even though its value was only 48% of its peak.

Cointelegraph reported Ether-based products dominated the crypto exchange traded products last week. They attracted $296m despite a slowdown in the market as investors waited for regulatory clarification from US Federal Reserve. The seventh week in a row has seen the most investment, and the largest since Donald Trump won the election of 2024. Ether ETPs represent over 10.5% the assets managed by crypto ETPs. CoinShares noted that investor sentiment has also improved significantly.

Related: Ethereum privacy roadmap proposes EU GDPR-safe blockchain design

ETH has returned to the Gaussian Channel midline

The ETH price has also returned above the median line of the Gaussian trend channel. The Gaussian Distribution Channel or Normal Distribution Channel tracks price changes within a dynamic range and adapts to the market volatility. 

Ethereum Gaussian channels analysis. Source: Cointelegraph/TradingView

In the past, rallys occurred whenever Ethereum crossed its Gaussian Channel middleline. In 2023, ETH soared by 93%, to $4,000, following a crossover. And in 2020 it jumped 1,820%.

Technical analysis, based on the accuracy with which the channel has predicted short-term gains in the past, predicts that ETH will continue to rise above the key indicator of $2,570 and could reach $3,100 – $3,600 if this momentum is maintained.

Related: Price predictions 6/9: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making any kind of a trading or investing decisions.