Ethereum Finds Support Above $2,100: BlackRock Stacking—Fast, What Do They Know?

Ethereum is firm when writing, adding nearly 4% in the past day. Overall, there is a sense of relief, especially for holders. All the same, there must be a strong signal, printing out from the daily chart. For the uptrend to take shape, Ethereum must close above $2,400 in the short term and later breach $2,800 in the medium term. Before then, the downtrend remains, and sellers of September 7 are still in control from a top-down preview.

Traders are confident, especially after the gradual peel back of losses over the weekend. Even though the downtrend remains and sellers are in control, ETH is steady. The second most valuable coin is up 2% in 24 hours. At the same time, the average trading volume is low but decent, standing at around $15 billion at press time.

Traders are watching the following trending Ethereum news:

• The average gas fees have declined over the past few months. Fast-falling gas fees after Dencun, some analysts say, will disincentive validators from confirming and securing the smart contracts platform.
• Even amid the general market turmoil, it is emerging that BlackRock, one of the world’s largest asset managers, is aggressively buying ETH for its spot ETF clients. As of September 10, BlackRock holds over 336,000 ETH, and continue to stack up.

Ethereum Price Analysis

ETH/USD is down at press time.

Even after gains of the past three days, there must be a sharp breakout above $2,400 for bulls to stand a chance.

So far, sellers have the upper hand from an effort versus result perspective.

Accordingly, aggressive sellers may choose to sell on every attempt higher below $2,400.

The first target will be $2,100.

However, if buyers push higher, traders can consider their preview. This outlook will be, especially if the leg up is with rising trading volume.

A decisive, high-volume close above $2,800 may see Ethereum expand to $3,300 and $3,500.