Ethereum's price is at a critical level, and recent investments from BlackRock have sparked interest in a potential altcoin rally.
Formation of Symmetrical Triangle
Ethereum’s monthly chart displays a large symmetrical triangle formation existing for four years. This pattern, consisting of converging trend lines, has limited ETH price movement since late 2021. Analyst Ash Crypto noted Ethereum's price hovering around the $2,440 level and nearing the apex of the triangle, which historically precedes high-volume breakouts. Such technical setups often arise after prolonged consolidation phases.
BlackRock Acquires Ethereum for $98 Million
BlackRock, one of the largest financial firms globally, reportedly purchased $98 million worth of Ethereum. This acquisition highlights growing interest from institutional investors in the asset, complementing BlackRock’s previous activity with respect to Bitcoin via ETF applications. Institutional participation is seen as a crucial element for stabilizing and increasing trading volumes, suggesting favorable prospects for Ethereum, especially amidst regulatory discussions on Ethereum ETFs in the United States.
Current Altcoin Cycle Compared to Previous Ones
Analyst Ash Crypto suggests that the current altcoin market is forming a structure similar to what was observed between 2019 and 2021. That previous cycle began with an initial rally phase, followed by correction and extended consolidation before a widespread rally occurred for non-Bitcoin tokens. The analysis anticipates an altcoin rally might begin in late 2025 based on recurrent cycle durations and Fibonacci timing projections.
Ethereum continues to play a central role in the altcoin market, and recent investments from BlackRock underline its growing appeal among institutional investors, potentially contributing to favorable market growth prospects.
