BlackRock just purchased $100 million worth of Ethereum (ETH), and that has crypto investors excited. This action has sparked positive bullish sentiment and led analysts to expect a possible breakout to the $3,500 range in the near term. Last week, the world’s largest asset manager made an even bigger bet on Ethereum. This move represents clear and strong institutional interest, which could drive further price appreciation.

The purchases, which we have confirmed were made within the last week, show an aggressive start to BlackRock’s continued accumulation strategy. Market participants have seemingly signaled that they’re paying attention to this move. Ethereum advocates similarly heralded it as a huge vote of confidence in Ethereum’s long-term prospects.

The latest market sentiment towards Ethereum is overwhelmingly positive and bullish. This optimistic view is fueled by the ongoing wave of enthusiasm surrounding increasing institutional adoption and the persistent innovation within the Ethereum ecosystem. BlackRock’s investment has only served to stoke this enthusiasm further, setting off a self-reinforcing cycle of price appreciation and growing investor confidence.

Technical analysts have Ethereum’s price action on their radar, and many are looking at $3,500 as a major level to watch. Should Ethereum manage to reclaim this resistance decisively, it would likely trigger a new wave of buying. This wave of positive momentum could push the price upward into uncharted territory.

Other pessimistic analysts are concerned that the market is short-term running too hot. In their view, we’ll probably need a bout of some consolidation/correction before we’re able to hold a reclaim north of $3,500 as an upward catalyst again. Their guidance encourages investors to be wary and ensure they are comfortable with the amount of risk they are taking on.

While Ethereum has stolen the show, the broader cryptocurrency market has been riding the wave created by ETH’s success. Bitcoin, the leading cryptocurrency, has seen renewed buying interest, and several altcoins have experienced significant price gains.