BlackRock, Fidelity Buy Millions in ETH

• BlackRock and Fidelity acquired more ETH tokens at lowered prices.
• Massive ETH purchases triggered a slight rally in the altcoin’s price.
• Ethereum targets $3,000 to flip into a bullish outlook.

BlackRock, the top-tier asset management company provider, purchased 100,535 ETH, equivalent to $284.92 million, on Wednesday morning. A cryptocurrency transactions tracker that posted about BlackRock’s latest acquisition on X also reported that Fidelity, another top asset management company, bought 9,552.99 ETH worth $26.39 million shortly after BlackRock’s purchase.

Related: China’s Tariff Retaliation Drags Altcoin Prices Down; ETH Eyes $2.2K–$2.5K

ETH Price Volatility and Market Context

The massive ETH purchases happened within a volatile week for digital assets when Ethereum’s price plunged alongside other cryptocurrencies following the revised international trade policies. ETH tumbled to a $2,150 low on Monday before rebounding quickly within the same trading day. However, the price stalled midway into the recovery as some US trade partners opened negotiations with the current administration.

Nonetheless, Wednesday’s massive purchases triggered a rally in Ethereum’s price, with the cryptocurrency gaining 3.3% within a few hours. The altcoin resumed its climb after declining almost 9% during Tuesday’s trading session, confirming many retail traders’ belief that a dip in digital asset prices provides an opportunity to buy more during a bull run.

Institutional Buying: A Bullish Signal?

BlackRock and Fidelity’s latest purchases reinforce the crypto bulls’ sentiments toward an impending bull run. Many crypto proponents are hopeful that an altcoin season will kick off soon because of the developments within and around the crypto sector following Donald Trump’s return as the President of the United States.

Notwithstanding the events of the past weekend and its impact on the crypto market, many crypto users remain optimistic that Trump’s long-term policies will favor the crypto industry. They consider the structures he has set up, including those in the crypto executive order, to deliver a crypto-friendly environment with better regulations to promote adoption.

ETH Price Outlook: Key Levels to Watch

ETH traded for $2,774 at the time of this writing, according to data from TradingView. 

Related: Ethereum’s Price Jumps as Big Names Show Support

Despite the slight recovery, the altcoin’s technical outlook remained bearish. However, crossing above $3,000 will flip users’ sentiment toward Ethereum and boost investors’ confidence in the crypto market’s potential for an altcoin season.