ETH price has surged above $2,800 while recovering from 1st February’s dip and is now close to the $3,000 resistance level.
After Blackrock purchased 100,535 ETH (valued approximately $284.92 million) on Feb 5, the market sentiment around Ethereum has improved overnight. Such a scenario shows the increase in institutional confidence in Ethereum.
The purchase from BlackRock was reported by Whale Insider, which track large on-chain transactions.
Institutional investors have been slowly increasing their exposure to crypto assets, and BlackRock’s recent purchase is seen as a strong acceptance of Ethereum’s utility, adoption, and future growth prospects.
Several market experts suggest that this buy-in from BlackRock could pave the way for more institutional capital inflows, reinforcing Ethereum’s position as a popular choice of asset for alternative crypto investment.
Ethereum’s growing adoption makes it an attractive and alternative investment option to Bitcoin among institutional investors. With Ethereum’s upcoming Pectra upgrade expected to improve network efficiency further, investor sentiment remains bullish.
Despite recent volatility, this institutional backing has provided a strong bullish catalyst for ETH, pushing it toward the $3,000 mark.