Key Points
- Ethereum’s [ETH] broader uptrend remains strong, indicating a potential new ATH in Q4 of 2024.
- BlackRock’s $47.1 million Ethereum purchase and increased wallet activity suggest a positive future for ETH.
Despite fears of a recession and potential world conflict, Ethereum [ETH] continues to show a strong uptrend. The cryptocurrency recently tested its previous high, confirming the uptrend.
This rejection off the range-high suggests that Ethereum could reach a new all-time high by the fourth quarter of 2024.
Negative Funding Rate: A Buying Opportunity
Negative funding rates often precede price surges, a trend observed in various financial markets, including crypto. Currently, Ethereum is experiencing a downturn with extremely negative funding rates. This typically signals a good time to buy.
Thus, traders and investors might see this as an opportunity to invest in Ethereum before its price rebounds.
BlackRock’s Significant Ethereum Purchase
During the recent crypto market downturn, major players such as whales and institutional funds seized the opportunity to buy more Ethereum assets. Notably, BlackRock purchased Ethereum worth $47.1 million.
This move suggests that despite market instability, significant investments from large institutions could drive Ethereum’s price upward in the future.
The recent crypto market drop is the largest since the November 2022 FTX collapse. However, the reaction has been relatively muted, which might be a positive indicator.
This fear has caused many traders to hesitate, presenting a buying opportunity for experienced investors.
At the time of writing, Ethereum’s metrics, including price, active addresses, and network growth, are showing signs of recovery. This suggests that Ethereum may maintain its upward trend in the long run.
