Ethereum Eyes $3,000 as BlackRock Buys $1.02B Through ETHA

• Ethereum faces key $2,550 resistance, with a weekly close above it potentially opening a path toward the $3,000 level.
• BlackRock's ETHA purchased $1.02 billion worth of ETH over nine days, with no net-selling days during the period.
• ETH found support near $2,400 after rejecting $2,550, while a break below could expose $2,360 and $2,320.

Ethereum rejected the $2,550 area after climbing from Aug. 21 lows, putting ETH support and resistance levels under focus. Income Sharks discussed consolidation and possible moves toward $3,000, while Ted highlighted $2,550 resistance. Meanwhile, Arkham reported BlackRock’s ETHA bought $1.02 billion of ETH over nine days.

ETH Rejection Puts $2,550 Resistance in Focus

Income Sharks said traders often lose more during consolidation than downtrends because they overtrade sideways markets. The analyst said waiting can be preferable during such periods. According to Income Sharks, ETH has a similar setup to its previous move if this decline marks a bottom. 

The analyst said consolidation could build a new base. However, Income Sharks said ETH could also accelerate directly toward $3,000. The analyst added that market chopping can cause traders to close long positions before another move higher.

Ted said ETH faced rejection from the $2,550 resistance zone. According to Ted, a weekly close above $2,550 could push Ethereum toward $3,000. However, continued rejection from that zone could send ETH toward $2,000-$2,100, Ted said. Therefore, $2,550 remains the key level in Ted’s outlined scenarios.

Ethereum Pulls Back Toward $2,400 Support

The chart shows ETH rising from roughly $2,320-$2,360 on Aug. 21. ETH then reached approximately $2,520-$2,540 between Aug. 27 and Aug. 28. However, selling followed the rejection around $2,500-$2,520. 

Source: TradingView

ETH dropped to approximately $2,405 before stabilizing around $2,435.36. The immediate support zone is between $2,400 and $2,420. A sustained break below $2,400 could expose $2,360 and potentially $2,320.

On the upside, ETH needs to reclaim $2,480 first. The $2,520-$2,540 range remains the major resistance region and recent swing high. Momentum indicators remained cautious. RSI stood at 39.06, while its moving average was around 37.73. Meanwhile, the MACD histogram stood at +0.64.

BlackRock’s ETHA Purchases Reach $1.02 Billion

Arkham reported that BlackRock’s clients purchased more than $1 billion of ETH through ETHA. The purchases occurred across nine days without any net-selling days. According to Arkham, ETHA purchased $1.02 billion worth of ETH during that period. Arkham estimated ETHA’s average purchase price at $3,060 per ETH.