Ethereum price rebounded yesterday and soared to a 24-hour high of $2,687 against the backdrop of a general market recovery. The price boost piqued investors’ interest, reflected in rising open exchange interests. But investors could also be flocking to Ethereum because of BlackRock CEO Larry Fink’s change of heart concerning the asset. BlackRock is the world’s largest asset manager with $9 trillion AuM. The entity plans to dominate the real-world asset tokenization sector by tokenizing $10 trillion worth of assets on the Ethereum blockchain.
Analyst Anticipates Ethereum Price to Hit $29,000 As BlackRock CEO Changes His Stance
A crypto analyst has called for a $29,000 price tag on Ethereum by April 2025, following Fink’s change of heart about cryptocurrencies.
I really don’t care if all of CT thinks Ethereum is “totally lame and uncool”
The world’s largest asset manager completely disagrees with that stance
Larry Fink and I both understand the entire world will settle on Ethereum $ETH
$29,000 $ETH 🤝 April 2025
This is OBVIOUS pic.twitter.com/vuon7XF9LX
— EthereanVibin | 0xVibin.eth 🦇🔊 (@EthereanVibin) September 17, 2024
In July, in an interview with Jim Crammer on CNBC, Larry Fink admitted he was once a skeptic of crypto. “I was a proud skeptic,” Fink said about ETH. “And I studied it, learned about it, and I came away saying, ‘My opinion five years ago was wrong.’”
EthereanVibin’s logic behind the bold prediction stems from Blackrock’s expansive financial capabilities. Fink’s ‘endorsement’ of Ethereum reflects the broader sentiment of many other financial institutions that look up to BlackRock.
Moreover, Fink sees value in asset tokenization facilitated by Ethereum, which could increase demand and usage of ETH, pushing its price to $29,000. To this end, BlackRock launched a tokenized asset fund on the Ethereum network called the USD Institutional Digital Liquidity Fund, commonly referred to as BUIDL, capturing almost 30% of the $1.3 billion tokenized Treasury market.
The RWA market grew by 41% in Q1 2024, reaching $3 billion, according to research from Coinbase. Moreover, Boston Consulting Group (BCG) predicts a staggering $16 trillion market by 2030.
Ethereum Price Forecast: ETH Leads Crypto Market Recovery with 18% Gains
ETH price rebounded and hit a $2,687 high in the 24-hour timeframe. However, the price has retraced slightly by 1.5% and is trading around $2,623. According to data from Santiment, Ethereum’s open interest has been on the rise, which, when combined with price, shows traders could be opening long positions in anticipation of even higher prices.
Social media interest has equally increased since Ethereum recovered from the September 6 crash. The asset has recovered over 18% of the losses and looks to gain even more.
The price of ETH is currently trading inside a well-defined descending channel that has been respected since April 2024. After a recent rebound from the lower channel, Ethereum is now trending upward towards the upper resistance of the channel. Ethereum price prediction shows a potential move within the channel to rise 22.84% from current levels towards $3,200.
Conclusion
The Ethereum price is on an uptrend amid a crypto market recovery, attracting investor interest and rising open interest on exchanges. This bullish trend may also be driven by BlackRock CEO Larry Fink’s newfound support for Ethereum. BlackRock, managing $9 trillion in assets, plans to tokenize $10 trillion worth of real-world assets on the Ethereum blockchain, potentially boosting its value significantly.
Frequently Asked Questions (FAQs)
The anticipated price surge to $29,000 is based on several factors, including BlackRock CEO Larry Fink’s change of stance on Ethereum and the company’s plans to tokenize $10 trillion worth of real-world assets on the Ethereum blockchain.
Asset tokenization involves converting real-world assets, such as real estate or commodities, into digital tokens on a blockchain. Ethereum’s capability to facilitate this process could see an increase in its adoption, leading to a rise in its price as more assets are tokenized on its network.
The $29,000 price target is predicted to be reached by April 2025, based on the current trends, BlackRock’s involvement, and the growing interest in Ethereum as a platform for asset tokenization.
Larry Fink, the CEO of BlackRock, recently admitted that his previous skepticism about cryptocurrencies, including Ethereum, was misguided. His new supportive stance, combined with BlackRock’s plans to tokenize real-world assets using Ethereum, has sparked optimism among investors, leading to bullish price predictions.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/market-analyst-anticipates-ethereum-price-surge-to-29000-once-this-happens/
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