In a notable shift, BlackRock is showing increasing interest in Ethereum over Bitcoin, as highlighted by Robert Mitchnick, head of digital assets at the firm.

While BlackRock currently manages the largest Bitcoin ETF, the iShares Bitcoin Trust, its growing focus on Ethereum indicates potential future plans for the cryptocurrency.

Mitchnick noted that for every four individuals excited about Ethereum, only one is focused on Bitcoin, showcasing strong internal support for ETH.

Recently, Ethereum fell below a critical support line, signaling a shift in market conditions from bullish to bearish.

Currently, Ethereum is testing a key support level around $1,870, based on the 78.6% Fibonacci retracement, with the potential for further declines if this level is breached.

Should Ethereum manage to rebound, it may encounter resistance in the range of $2,100 to $2,200, where it has struggled to gain traction recently.

The Stochastic RSI suggests a potential short-term bounce, but the overall RSI is at its lowest since June 2022, reinforcing a bearish outlook.

Despite some initial optimism, analysts are increasingly concerned that Ethereum is entering a bearish trend following a notable price drop.