- BlackRock’s Ethereum Fund has shot up three times in the past three weeks.
- Crypto Rover showed via a chart that Bitcoin dominance is approaching resistance.
- Interest in Ethereum has risen substantially as Ali Martinez predicted $2,300.
With the crypto market showing tentative signs of early momentum, debate intensifies over whether “altcoin season” – a period where alternative cryptocurrencies significantly outperform Bitcoin – is finally arriving.
Fueling this speculation, BlackRock’s popular Ethereum (ETH) BUIDL fund tripled in value over just three weeks, reaching nearly $1.87 billion in assets under management. Analysts are now closely watching if Ethereum’s institutional pull signals the start of a broader altcoin rally.
BlackRock ETH Fund Hits $1.87B: A Catalyst for Altcoins?
Crypto analyst Ted Pillows highlighted the fund’s rapid ascent, noting that associated data showed an exponential rise in capital deployed across multiple chains, with Ethereum demonstrating dominance over other networks in this latest institutional flow.
Historically, increased institutional exposure to Ethereum, particularly via major players like BlackRock, often precedes a wider altcoin upswing. This historical correlation stems from Ethereum’s foundational role in the large DeFi and NFT ecosystems; strength in ETH can cascade down to other projects built upon or competing with it.
Continued ETH traction could potentially lift other Layer-1 and Layer-2 solutions, leading to a broader altcoin market advance.
Related: These Altcoins Show Strength: Which Could Actually Retest Highs? (Analysis)
Ethereum Price Check: Key Levels and Analyst Targets
Currently, ETH trades around $2,035, down slightly in the past 24 hours, according to CoinMarketCap data.
A key near-term resistance level sits at the 20-day Exponential Moving Average (EMA) near $2,051. A decisive break above this level could signal continuation of the upward trend, while failure might lead to short-term consolidation.
Analyst Ali Martinez maintains bullish targets for ETH, suggesting it could climb towards $2,300 with increased buying pressure, though also acknowledging a potential drop towards $1,300 in a bearish market scenario.
BTC Dominance Nears Historical Resistance: Alt Season Trigger?
Adding another layer to the altcoin season outlook, analyst Crypto Rover shared a chart indicating Bitcoin dominance (BTC.D) – Bitcoin’s market cap share relative to the total crypto market – is approaching critical trendline resistance.
He notes this descending trendline has historically marked the beginning of significant altcoin outperformance when BTC dominance was rejected at this level.
Related: XRP, SOL, ADA, DOGE Prices Analyzed Following IBKR Listing News
This pattern was observed preceding major altcoin runs in 2018 and 2021, which resulted in significant gains across the altcoin sector.
If this historical pattern repeats, capital could soon rotate from Bitcoin into Ethereum and subsequently into other altcoins, potentially fueling a market-wide rally.
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