Ethereum experienced a remarkable surge in price, reaching a peak of $2,687 as the overall market rallied. This increase caught the attention of traders, resulting in a rise in open interest. One possible reason for investors’ growing interest in Ethereum may be attributed to BlackRock CEO Larry Fink’s shifting stance towards cryptocurrencies.
BlackRock, the world’s largest asset management firm, has announced plans to tokenize $10 trillion worth of real-world assets on the Ethereum blockchain. This initiative aligns with Ethereum’s goal of becoming a leader in the digital representation of tangible assets.
A cryptocurrency analyst has made a notable price prediction for Ethereum, suggesting that with Fink’s changing stance, Ethereum could reach $29,000 by April 2025. This forecast is based on BlackRock’s extensive financial capabilities. Fink himself has acknowledged his revised perspective on Ethereum, stating, “My views from five years ago were wrong.”
According to Santiment data, Ethereum’s price is rising in tandem with increasing open interest. As social media engagement grows, Ethereum has managed to recover from recent losses and shows potential for further gains. Technical analysis indicates that Ethereum is continuing to rise towards upper resistance levels within its current descending channel. With BlackRock’s support, a cryptocurrency analyst believes that Ethereum reaching $29,000 seems inevitable.
BlackRock has recently launched a tokenized asset fund called the USD Corporate Digital Liquidity Fund on the Ethereum network. This fund covers nearly 30% of the $1.3 billion tokenized Treasury market and has the potential to drive demand and usage of Ethereum, ultimately increasing its price.
Ethereum is displaying a significant upward trend within the broader recovery of the cryptocurrency market. The support from BlackRock and CEO Fink’s changing views on cryptocurrencies are factors that could enhance Ethereum’s future value. Investors are eagerly anticipating further price increases as Ethereum continues its tokenization projects and attracts growing market interest.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.