BlackRock's Ethereum Surpasses Bitcoin: Is the Next Possible Rebound $3000?

The world's largest investment firm Blackstone has shown a strong interest in Ethereum (ETH). According to Robert Michnik, head of digital assets at Blackstone, the company's excitement about Ethereum surpasses that of Bitcoin, especially among its technical team.
Mitchnick revealed that for every four people excited about Ethereum, only one is paying attention to Bitcoin. This indicates that BlackRock sees huge potential in Ethereum's ability to run smart contracts and support decentralized applications. Although BlackRock already manages the largest Bitcoin ETF, iShares Bitcoin Trust (IBIT), its growing interest in Ethereum suggests they are planning some major initiatives related to ETH.
In addition, the number of Ethereum validators—those who help secure the network—is increasing, indicating that Ethereum is growing and becoming increasingly popular.
Has the Ethereum bull market ended?
The price of Ethereum has been experiencing roller coaster-like fluctuations. While some people remain hopeful, experts indicate that bearish clouds still hang over the market. Despite Ethereum showing some short-term rebounds, the overall situation is not very optimistic.
Since the price of Ethereum has fallen below the important support line that has been maintained for many years, the price has been declining. This trend is a strong signal of the market turning from bullish to bearish.
Ethereum is testing a key support level of around $1,870, based on a 78.6% Fibonacci retracement. If it falls below this level and struggles to rebound back above it, the next stop could be $1,500, which is the previous low.
If Ethereum does indeed rebound, it may face strong resistance between $2100 and $2200, which is exactly where it recently encountered obstacles. In fact, Ethereum almost precisely rejected that level, confirming that it is a difficult barrier to break through.
Although the Stochastic RSI shows bullish signals, suggesting a potential short-term Rebound, the RSI has been at its lowest level since June 2022, indicating that the overall trend still leans bearish.