• Ethereum declines by 5.73% in 24 hours but holds weekly gains of 6.69%.
• Trading volume surges 30.68% as market activity intensifies.
• BlackRock purchases $217.3 million in ETH, boosting institutional sentiment.
• Analysts predict a potential breakout toward $5,200 if support holds.

Ethereum (ETH) experienced mild selling pressure with a slight decline in its value. Over the last 24 hours, its price has fallen by 5.73%. Despite this short-term pullback, ETH maintained a 6.69% weekly gain, highlighting overall resilience in market sentiment.

At the time of writing, the token is trading at $4,424.42 with a 24-hour trading volume of $57.74 billion, a 30.68% increase from the previous day. Ethereum’s market capitalization is $533.54 billion, reinforcing its dominance as the second-largest cryptocurrency.

Also Read: Ethereum Whales Accumulate 800,000 ETH as Price Targets $5,200 in Bullish Momentum

BlackRock’s $217.3 Million ETH Purchase

In a major development, BlackRock purchased $217.3 million worth of ETH, a move that sparked strong reactions across the crypto market. This acquisition demonstrates growing institutional confidence in ETH’s long-term strength and signals broader acceptance of digital assets among traditional financial giants.

BlackRock’s entry aligns with a rising wave of corporate and institutional interest, especially as decentralized finance continues to merge with mainstream finance. The timing of this purchase coincides with heightened optimism around Ethereum’s network upgrades and potential ETF approvals.

This investment not only reaffirms Ethereum’s leadership as the most dominant smart contract platform and indicates that institutional investors are betting on the next significant crypto growth phase. This strategic timing, amidst increased on-chain activity and a strong market foundation, also boosts bullish sentiment throughout the ETH ecosystem.

Analysts Expect ETH to Challenge New Highs

Crypto analyst @matthughes13 believes that Ethereum is consolidating above the level of $4,350, ready to surge towards fresh all-time highs. On the daily chart, ETH is trading around $4,443.47, preserving a soft 5% correction while still holding the general uptrend that began in June.

Support levels remain critical, with near-term support at $4,300 and further supports at $3,850 and $3,600. So long as Ethereum is supported in these areas, the bullish scenario is still in play. Resisting near $4,800 and $5,200, key resistance levels that might determine the next direction that Ethereum will go.

If the price maintains above $4,300, the chart indicates a short-term consolidation before a possible breakout towards $5,200. On the other hand, a slide through $3,850 may falter the momentum and cause a steeper correction. In the meantime, the market sentiment remains bullish as ETH sets up the next possible leg up.

Also Read: Ethereum’s Bullish Surge: Will ETH Skyrocket to $7,331?