Ethereum rallies 10% after BlackRock's $34.7 million purchase

Ethereum (ETH) is currently trading around $2,520, showing signs of recovery after a sharp hourly dip earlier this week. The cryptocurrency has strong historical resistance at $2,750 and bullish momentum from the $2,200 zone, leading investors to speculate whether Ethereum could reach $3,000 or even set a new all-time high in June 2025.

On the daily chart, Ethereum made a significant breakout from its months-long sideways consolidation in early May. This breakout was supported by a golden crossover of the 50-day SMA crossing above the 100-day SMA, which helped ETH rally from around $2,200 to a local high near $2,750. However, after hitting resistance around $2,668, ETH faced rejection and corrected back to $2,461 as of June 6, a 10% dip from recent highs. Despite this pullback, ETH price has not breached the rising 50-day moving average at $2,220, which is now acting as critical support. As long as this support holds, the medium-term bullish structure remains intact.

The hourly chart reveals high volatility and fast-moving sentiment. On June 6, ETH plunged sharply from around $2,600 to a low near $2,385. This move triggered panic among short-term traders, but the rebound was equally swift, pushing ETH back toward the $2,520 level by the next session. This V-shaped recovery suggests that buyers stepped in aggressively near the 50% Fibonacci retracement level of the May rally, indicating healthy dip-buying interest, especially from institutions watching these key zones. With ETH price now consolidating below the $2,575–$2,600 short-term resistance zone, a clean breakout above this range could unlock a rally toward the $2,750 mark again.

Using Fibonacci extension from the May breakout, key levels are identified as follows: the 1.618 extension is approximately $3,300, and the 1.272 extension is approximately $3,000. This suggests that if Ethereum price breaks the $2,750 level convincingly, the rally could extend toward $3,000–$3,300, marking a significant bullish continuation. For context, ETH's all-time high in the last bull cycle was around $4,800, meaning the coin still has room to run if macro and ETF sentiment turn favorable.

On June 6, 2025, BlackRock made headlines with a fresh $34.7 million Ethereum (ETH) purchase, adding to its earlier $48.4 million acquisition just days prior. These back-to-back transactions, involving over 28,000 ETH in total, underscore a calculated accumulation strategy rather than short-term speculation. When a traditional asset titan like BlackRock makes repeated high-value entries into Ethereum, it sends a powerful market signal: institutional confidence is rising. This strategic averaging across multiple tranches suggests long-term positioning ahead of potential bullish catalysts like Ethereum ETF approvals or macro-driven demand shifts. From a price analysis standpoint, institutional buying near the $2,400–$2,500 range builds a strong demand floor, making it less likely that ETH will revisit sub-$2,200 levels without major systemic risk. Instead, the inflow from BlackRock could act as a springboard, fueling momentum toward the $2,750 resistance and possibly unlocking a breakout toward $3,000 in June. If this buying trend continues, it may even accelerate Ethereum’s path to new cycle highs.

Based on current momentum and the structure of the daily and hourly charts, a realistic forecast for Ethereum in June includes a bullish scenario where ETH breaks above $2,750 and targets $3,000–$3,300 based on the 1.272 and 1.618 Fibonacci extensions. A neutral scenario sees ETH consolidating between $2,400 and $2,750 for a few more days before making a directional move. A bearish scenario involves a breakdown below $2,200, which could invalidate the bullish trend, exposing ETH to a retest of $2,000. Probability-wise, as of now, the bullish-to-neutral case dominates based on the strong recovery from the dip, the moving average support at $2,220, and healthy demand in the $2,400 zone.

Ethereum price is in a decisive zone. After a strong breakout in May and a healthy dip-buy response, all eyes are now on the $2,575–$2,750 resistance zone. If bulls can clear this hurdle, a run toward $3,000 in June is not just possible—it’s probable. For now, traders should watch for a clean close above $2,575 on strong volume and be cautious of any dips below $2,200. Ethereum’s technical structure remains promising, and its next move could shape the rest of the altcoin market this summer.