Ethereum shows Wyckoff re-accumulation and BlackRock’s $110M buy, signaling potential breakout toward $8,400 as price action strengthens.
Ethereum’s price is showing signs of a potential breakout as it completes a Wyckoff re-accumulation pattern.
Analysts believe the token is poised for a rally, especially with BlackRock’s $110 million ETF purchase aligning with the ongoing bullish market structure. ETH is currently trading at $3,870, showing a modest daily increase, but many experts believe its next move could drive it toward $8,400 or even higher.
Richard Wyckoff Would Buy ETH Here Based on Current Price Action
Ethereum has been following a precise Wyckoff re-accumulation pattern since early 2024, a common technical model for market recovery.
The pattern began in March 2024, with key phases such as the Preliminary Support (PSY) and Automatic Rally (AR) forming the groundwork. The market then moved into Phase B, where prolonged sideways action indicated absorption of selling pressure.
If Richard Wyckoff were alive, he would buy $ETH here. pic.twitter.com/0ZWXcgJZ9C
— Poseidon (@CryptoPoseidonn) October 22, 2025
In Phase C, the Spring and Test patterns confirmed that sellers were exhausted, and accumulation was almost complete. Phase D showed a clear Sign of Strength (SOS), and Ethereum is now in Phase E, the expansion phase.
According to analysts, this phase is the ideal time to buy as Ethereum is expected to break out towards $8,400. Some even predict Ethereum could reach $10,000, especially with upcoming upgrades to its proof system.
BlackRock’s $110M ETF Purchase Adds Confidence
BlackRock’s $110 million purchase of 28,600 ETH through its spot ETF has further solidified the bullish outlook for Ethereum. This major institutional buy signals strong confidence in Ethereum’s long-term prospects.
With such a large ETF purchase, BlackRock has shown its support for Ethereum’s current market structure, reinforcing the anticipation of an impending rally.
This purchase also comes amid ongoing outflows from centralized exchanges. According to CoinGlass, Ethereum experienced a $5 million net withdrawal on October 23.
Such outflows indicate that investors are increasingly holding or staking Ethereum, reducing its available supply. This tightening of supply is expected to enhance Ethereum’s bullish momentum in the short term.
Institutional Demand and Supply Reduction Drive Ethereum’s Strength
The combination of institutional demand and shrinking supply sets a favorable stage for Ethereum. With BlackRock’s significant buy and continuous withdrawals from exchanges, there is a clear shift toward long-term holding.
The reduced supply of ETH means that buying pressure will have a more substantial effect on price movements.
As liquidity leaves centralized platforms, the demand from institutional investors like BlackRock is likely to drive Ethereum’s price higher. This dynamic strengthens the bullish case for Ethereum, with many analysts projecting a breakout towards higher valuation zones.
