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Ethereum Eyes $10K as BlackRock Makes Largest ETH Purchase in Two Months
Ethereum forms a bullish inverse head-and-shoulders pattern with targets up to $10,000.
BlackRock’s largest ETH purchase in two months boosts institutional confidence and demand.
Whale accumulation and ETF staking proposals strengthen Ethereum’s medium-term price outlook.
Ethereum is once again under the spotlight as BlackRock reportedly made its largest Ethereum purchase in over two months. With trading conditions improving and strong technical patterns forming, market participants are watching ETH closely. Traders are discussing the possibility of a move toward $10,000 as Ethereum’s technical and fundamental outlook strengthens.
Ethereum Forms Bullish Pattern as Price Eyes Key Breakout Levels
According to analysis prepared by Van Lagen, Ethereum is forming a massive inverse head-and-shoulders pattern on the weekly chart. This structure, typically seen before major rallies, points to a long-term bullish setup if confirmed.
Source :Van Lagen(X)
The neckline of this formation sits between $3,800 and $4,000. Ethereum would move towards $8,000 and potentially $10,000 if it breaks through this level in an extremely powerful move with high trading volume. The RSI is currently at 37.72, suggesting that ETH has room for upward movement before reaching overbought levels.
Meanwhile, the MACD indicator shows weakening bearish momentum, with the histogram contracting. This suggests that selling pressure is easing, although a bullish crossover has not yet occurred. ETH price currently trades near $1,814, facing resistance at $1,820–$1,850, a key short-term zone to watch.
Whale Activity and Institutional Demand Strengthen Ethereum’s Outlook
According to an observation by market trackers, whale activity around Ethereum has risen sharply in recent weeks. Over 640,000 ETH have been accumulated into long-term wallets, signaling growing confidence among larger investors.
In addition, Grayscale recently proposed staking support in its Ethereum ETFs, aiming to enhance returns and boost network security. This, combined with news of BlackRock’s major ETH purchase, reinforces the growing institutional interest in Ethereum.
Mister Crypto on X stated that ETH dominance has bottomed, suggesting a potential reversal in ETH’s broader market trend. Many analysts now expect Ethereum’s price to climb steadily, with $10,000 seen as a realistic medium-term target if momentum continues.
The post Ethereum Eyes $10K as BlackRock Makes Largest ETH Purchase in Two Months appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.