Ethereum Surges 10% as BlackRock Buys $34.7 Million in ETH

Ethereum (ETH) has shown resilience, maintaining a steady position above $2,500. This stability is underpinned by significant institutional interest, particularly from major players like BlackRock, which recently made a substantial $34.7 million purchase of Ethereum. This acquisition follows an earlier $48.4 million investment, totaling over 28,000 ETH. Such high-value transactions indicate a strategic accumulation rather than short-term speculation, signaling rising institutional confidence in the cryptocurrency.

The technical analysis of Ethereum's price movements reveals a robust support level at $2,220, which has held firm despite recent volatility. The cryptocurrency experienced a sharp decline from around $2,600 to a low near $2,385 on June 6, but a swift rebound pushed it back to approximately $2,520. This V-shaped recovery suggests aggressive buying near the 50% Fibonacci retracement level, indicating strong institutional interest in these key zones. The current consolidation below the $2,575–$2,600 resistance zone suggests that a clean breakout above this range could unlock a rally toward the $2,750 mark.

The daily chart shows that Ethereum made a significant breakout from its months-long sideways consolidation in early May, supported by a golden crossover of the 50-day SMA crossing above the 100-day SMA. This breakout 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, the medium-term bullish structure remains intact as long as the support at $2,220 holds.

The hourly chart reveals high volatility and fast-moving sentiment, with Ethereum's 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.

The strategic accumulation by BlackRock 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. This 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's 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.