BlackRock Extended Ether Purchase Amid ETH Price Surge

• BlackRock bought 5,756.31 Ether tokens for $26.4 million.
• BlackRock earlier bought 1,294 Bitcoin tokens for $151.8 million.
• ETH price surged over the last 24 hours following the announcement of a rate cut by the US Federal Reserve.

BlackRock bought Ether tokens a day after it sold them. The recent purchase has come at a time when ETH price is starting to mark upticks. A rise in the ETH price is likely due to the US Federal Reserve announcing a rate cut. The price of Ethereum token is expected to soon breach a major milestone of $5,000.

BlackRock Bought Ether

According to a report by Whale Insider, BlackRock has bought 5,756.31 Ether tokens. Their value was approximately $26.4 million at the time of the transaction. Interestingly, BlackRock earlier sold 4,489.62 Ethereum tokens for a total value of $20.3 million at that time.

BlackRock has also bought 1,294 Bitcoin tokens, valued at $151.8 million at the time of the transaction. This adds to the recent purchase of 1,794 flagship crypto at the BTC price of around $209.2 million. However, the purchase of Ethereum tokens comes after more than 4,400 of them were sold.

ETH Price Rises Significantly

ETH price is currently up by 0.72% over the last 24 hours, exchanging at $4,578.99. However, it reflects a surge of 4.26% in the last 7 days and an increase of 7.72% in a month. The 24-hour trading volume marked an uptick of 31.66% to $47.72 billion.

Ethereum tokens continue to experience green trade despite a little pushback in the early hours. Ted Pillows, a notable opinion leader, said that there was still no change for ETH. Ted added that the token was below the resistance level of $4,700, and it was important for ETH price to reclaim the mark. Not breaching the said resistance zone, he further noted, could redirect to a correction of around $4,000.

Road Ahead for ETH Price

It is expected that ETH price may breach the mark of $5,000 in the next 30 days. This is based on the fact that the US Federal Reserve has cut the lending rate by 25 bps. The current volatility around ETH is 3.32% and is backed by an FGI rating of 52 points. Overall sentiments are bullish that ETH price will jump by around 11.39% in the next 1 month for an approximate value of $5,149.75.

One of the key support levels is $4,369.68. Any decline below this level could take ETH on a more turbulent phase. Lennaert Snyder, a notable crypto analyst, stated that there was a probability for ETH to spark a bullish momentum at a high of $4,800.

It is important to note that the contents of this article are neither recommendations nor advice on crypto trading and investment.

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