{"id":4654,"date":"2024-12-24T01:01:36","date_gmt":"2024-12-24T01:01:36","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=4654"},"modified":"2024-12-24T01:01:36","modified_gmt":"2024-12-24T01:01:36","slug":"blackrocks-ethereum-etf-soars-past-1-million-eth-can-price-follow","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=4654","title":{"rendered":"BlackRock\u2019s Ethereum ETF Soars Past 1 Million ETH \u2013 Can Price Follow?"},"content":{"rendered":"
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While Ethereum (ETH) has once again failed to break through the stubborn $4,000 resistance level, BlackRock\u2019s iShares Ethereum Trust ETF has quietly accumulated<\/a> over one million ETH. This milestone reflects strong institutional demand for Ethereum, even as its price performance in 2024 remains lackluster.<\/p>\n

Institutional Interest In Ethereum On The Rise<\/h2>\n

Year-to-date (YTD), Ethereum \u2013 the second-largest cryptocurrency by market cap \u2013 has risen by 43%, climbing from approximately $2,280 on January 1 to $3,283 at the time of writing. While this is notable, ETH\u2019s performance has been overshadowed by other cryptocurrencies like XRP, Solana (SOL), and SUI, which have posted significantly higher gains in the same period.<\/p>\n

However, Ethereum holds a key advantage over most altcoins \u2013 direct access to institutional investors through regulated ETFs, akin to Bitcoin\u2019s position in the market. In a recent post<\/a> on X, crypto entrepreneur Dan Gambardello highlighted that BlackRock\u2019s Ethereum ETF has now surpassed one million ETH in holdings.<\/p>\n

\"eth<\/p>\n

Gambardello noted that ETH\u2019s consolidation below its all-time high (ATH), combined with growing institutional interest, sets the stage for a potential altcoin season \u201cunlike any we\u2019ve ever seen.\u201d Recent ETH ETF inflow data appears to support this outlook.<\/p>\n

According to data<\/a> from SoSoValue, US spot ETH ETFs have had four continuous weeks of net inflows, attracting more than $2 billion in capital. The total net assets held across all US spot ETH ETFs stand at $12.15 billion, equivalent to almost 3% of Ethereum\u2019s total market cap.<\/p>\n

Crypto analysts remain optimistic that Ethereum, the leading smart-contract platform, is on track<\/a> to reach a new ATH. For instance, CryptosRus pointed out that historically, Ethereum has demonstrated bullish price action during the first four months of the next year, following US presidential elections.<\/p>\n

The chart below shows that after the 2016 US election, ETH rallied significantly during the first quarter of 2017. A similar pattern was observed in 2021 following the 2020 election, with Ethereum recording four consecutive weeks of price increases.<\/p>\n

\"ethereum\"<\/p>\n

From a technical perspective, crypto analyst @CryptoPoseidonn shared an 8-hour ETH chart, suggesting that ETH may bottom around the 200-day exponential moving average (EMA), marked in green. The analyst stated:<\/p>\n

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The first pullback since the last significant upside move, and fear is at its peak. I believe this is where we print a higher low. Dips like these are opportunities to increase your spot exposure.<\/p>\n<\/blockquote>\n

\"ethereum\"<\/p>\n

Is The Market Correction Nearing Its End?<\/h2>\n

The total crypto market cap has dropped from $3.9 trillion on December 16 to $3.4 trillion at the time of writing \u2013 a $500 billion loss in a week. Data from Coinglass reveals that over $289 million worth of liquidations occurred in the past 24 hours alone.<\/p>\n

Despite this downturn, seasoned crypto analyst Pentoshi suggested<\/a> on the 3-day chart that the crash could serve as a retest of the previous crypto market cap ATH recorded in November 2022. If so, this level might act as a base for the next upward rally.<\/p>\n

\"pentoshi<\/p>\n

However, not all analysts are bullish in the short term. Renowned crypto entrepreneur Arthur Hayes recently warned<\/a> of a potential market downturn around Donald Trump\u2019s inauguration in January. At press time, ETH trades at $3,283, up 1.2% in the past 24 hours.<\/p>\n

\"ethereum\"<\/div>\n","protected":false},"excerpt":{"rendered":"

While Ethereum (ETH) has once again failed to break through the stubborn $4,000 resistance level, BlackRock\u2019s iShares Ethereum Trust ETF has quietly accumulated over one million ETH. This milestone reflects strong institutional demand for Ethereum, even as its price performance in 2024 remains lackluster. Institutional Interest In Ethereum On The Rise Year-to-date (YTD), Ethereum \u2013 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-4654","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/4654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4654"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/4654\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}