BlackRock Is More Excited About Ethereum (ETH) Than Bitcoin (BTC), Robert Mitchnick Reveals

BlackRock, the world's largest investment firm, is showing strong interest in Ethereum (ETH). According to Robert Mitchnick, the head of digital assets at BlackRock

BlackRock, the world’s largest investment firm, is showing keen interest in Ethereum (ETH), especially among its tech team, according to Robert Mitchnick, the head of digital assets at BlackRock.

Mitchnick has revealed that for every four people excited about Ethereum, only one is focused on Bitcoin. This preference stems from the tech team’s interest in Ethereum’s smart contract capabilities and decentralized app ecosystem.

Considering that BlackRock already manages the biggest Bitcoin ETF, iShares Bitcoin Trust (IBIT), this attention on Ethereum might foreshadow something significant in the works.

Furthermore, the number of Ethereum validators is increasing, highlighting the growing participation and interest in the network.

Is Ethereum’s Bull Run Over?

As Ethereum’s price continues its journey, some hope remains, but according to experts, bearish clouds still loom.

Analyst Josh from Cryptio World notes that despite some short-term bounces, the bigger picture isn't optimistic.

After breaching a crucial support line that held for years, Ethereum’s price action is shifting from bullish to bearish.

Now, it’s testing a key support level at around $1,870, derived from the 78.6% Fibonacci retracement. If it breaks below this level and fails to recover above it, the next support zone could be around $1,500, a previous low.

On the other hand, if a bounce occurs, a significant resistance zone could emerge between $2,100 and $2,200. In this zone, especially around $2,200, Ethereum recently faced rejection.

Despite the Stochastic RSI indicating a bullish signal, hinting at a potential short-term bounce, the RSI is at its lowest since June 2022, suggesting that the broader trend remains bearish.