Ethereum’s (ETH) bullish prospects are gaining momentum as BlackRock’s Ethereum holdings under the BUIDL fund surpassed $1 billion, marking a major milestone for institutional crypto adoption.
BlackRock’s Ethereum Holdings Hit Record High
As of March 23, BlackRock’s BUIDL fund was managing about $1.145 billion worth of Ether, up from around $990 million a week ago.
According to Token Terminal, most of the capital deployed in BlackRock’s BUIDL fund remains concentrated on Ethereum, with additional exposure across Avalanche, Polygon, Aptos, Arbitrum, and Optimism. However, Ethereum’s dominance as the base layer for tokenized real-world assets (RWAs) continues to stand out.
This influx of institutional capital coincides with a growing pattern of Ethereum whale accumulation.
Blockchain analytics platform Nansen reveals that since March 12, 2024, the 1,000–10,000 ETH cohort has grown by 5.65%, while the 10,000–100,000 ETH cohort has surged by 28.73%.
Though addresses with over 100,000 ETH remain rare and stable, the uptick in these whale classes reflects rising confidence in Ethereum’s long-term upside.
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Technically, ETH is rebounding from a long-term ascending support line that has held since the COVID-19 crash. Major lows during the LUNA collapse and Bybit hack also bounced from this support, followed by rallies of 1,400% and 270%, respectively.
With current price action testing this same trendline again, analysts such as CryptoGoos are speculating a third major leg higher—potentially toward $9,000—as historical patterns repeat.
From a technical perspective, Ethereum is currently retesting a multi-year ascending trendline—a structure that has historically marked the beginning of strong price recoveries.
The trendline aligns with the 50-period EMA on the 2-week chart (~$2,646). ETH recently lost this support but is showing signs of a rebound around the 0.236 Fibonacci retracement level (~$1,870).
A successful reclaim of this trendline could open the path to the 0.618 Fib level near $3,438. Longer-term targets align with the 1.618 Fib extension at $7,543 and the 2.618 level at $11,648.
BlackRock’s growing ETH footprint, on-chain whale accumulation, and resilient technical support paint a compelling picture for Ethereum’s next move. If momentum builds, ETH could be on the verge of another parabolic rally—driven by deep-pocketed institutional conviction.
