As a seasoned researcher with over two decades of experience in financial markets, I have witnessed the ebb and flow of countless trends. However, the current momentum behind Ethereum is unlike anything I’ve seen before. The recent price surge to $2,687, fueled by a general market recovery and the shift in stance from BlackRock CEO Larry Fink, is nothing short of remarkable.
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
As a researcher delving into the realm of digital currencies, I’ve recently come across a compelling prediction. This analyst posits that by April 2025, Ethereum could potentially reach a value of $29,000. This forecast is in response to Fink’s recent shift in perspective regarding 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
— EthereanVibin | 0xVibin.eth (@EthereanVibin) September 17, 2024
In July, during an interview with Jim Crammer on CNBC, Larry Fink openly admitted his past skepticism towards cryptocurrency. “I was a vocal skeptic,” Fink remarked about Ethereum. “However, I delved into it, learned more about it, and I now believe that my five-year-old opinion was incorrect.
EthereanVibin’s confident forecast is rooted in Blackrock’s extensive financial might, as Fink’s endorsement of Ethereum echoes the positive views held by numerous other financial entities who admire BlackRock.
Additionally, Fink believes that the asset tokenization made possible by Ethereum could significantly boost ETH‘s popularity and usage, potentially driving its price up to $29,000. To support this notion, BlackRock introduced a fund for tokenized assets on Ethereum’s network called the USD Institutional Digital Liquidity Fund, or BUIDL. This fund accounts for nearly 30% of the $1.3 billion market in tokenized Treasury assets.
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
In the last 24 hours, the cost of ETH surged and peaked at $2,687. Yet, it has experienced a slight dip of approximately 1.5% and is currently being traded around $2,623. As Santiment’s data suggests, Ethereum’s open interest has been increasing, which, along with the price, indicates that traders might be preparing to open long positions in expectation of further price growth.
Since Ethereum bounced back after the September 6th dip, there’s been a noticeable surge in social media chatter about it. Currently, the asset has recuperated approximately 18%, and there’s anticipation that it may recover further.
At present, the cost of Ether (ETH) is moving along a distinctly downward-sloping channel, which has been adhered to since April 2024. Following a recent recovery at the lower edge of this channel, Ethereum is now on an uptrend aiming for the upper boundary of this channel. Predictions suggest that ETH could increase by approximately 22.84% from its current position, potentially reaching around $3,200.
Conclusion
The cost of Ethereum is surging as cryptocurrency markets rebound, drawing investor attention and increasing trading activity on exchanges. This upward trend could be fueled by Larry Fink, CEO of BlackRock, who recently expressed interest in Ethereum. BlackRock, with assets under management totaling $9 trillion, intends to tokenize $10 trillion of real-world assets on the Ethereum network, which could potentially increase its worth substantially.
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2024-09-24 10:18