BlackRock Doubles Down on Ethereum, Buys the Dip With $20M ETH Purchase

The world's largest asset manager with over $10 trillion in assets under management has made headlines again — this time with a big move into Ethereum (ETH)

BlackRock, the world's largest asset manager, has purchased 10,955 ETH, worth approximately $20.1 million, at an average price of $1,840, according to a recent filing with the U.S. Securities and Exchange Commission (SEC).

The purchase was made on August 7 as part of the firm's expanding interest in cryptocurrencies, particularly Ethereum, and emerging trends in food commodities and technology.

This purchase follows a previous ETH investment from BlackRock, which saw the firm put $54 million into seven Ethereum-based ETFs last week. At the same time, BlackRock also poured $674.91 million into Bitcoin ETFs, continuing a trend of major institutional players showing interest in diversifying portfolios with crypto assets.

Despite BlackRock's large purchase and the scale of the firm's activity, ETH price has remained relatively stagnant.

Currently, ETH is trading at around $1,860, showing little to no immediate reaction to the news of the world's largest asset manager's buying spree. This lack of movement may have surprised some market watchers, especially considering the size of the investment. Perhaps the market is still broadly absorbing the news or awaiting clearer technical signals before committing to a significant directional move.

Recently, Ethereum attempted to break through the $1,872 price point but faced resistance and pulled back. Afterward, the price dropped to around $1,813, which is being observed as a short-term support level.

So far, this support has held, suggesting that the market might still try to move higher. However, if buying pressure falters and ETH breaks below the $1,813 support, focus would likely shift to the April 30th low around $1,732.

Falling below that might signal a deeper pullback, though it wouldn't necessarily mean the upward trend is over—just that the market would need more signs before moving higher again.

Overall, Ethereum remains in a state of technical indecision. However, the scale of BlackRock's recent moves suggests that institutional interest in Ethereum is not only present but also growing, possibly setting the stage for larger market moves ahead.