Ethereum (ETH) price experienced a similar volatility to Bitcoin (BTC) in the past 24 hours, following the feud between Elon Musk and U.S. President Donald Trump. The large-cap altcoin, with a fully diluted valuation of about $300 billion and a 24-hour average trading volume of about $18.5 billion, rebounded from a crucial support level of around $2,407 in the past 24 hours to trade about $2,478 on Friday, during the late North American trading session.

However, the recent crypto rebound has triggered fears of a potential dead cat bounce. Moreover, the feud between Trump and Musk may continue to divide the crypto market. 

BlackRock Leads in Ethereum Accumulation

According to on-chain data analysis, BlackRock has gradually shifted its focus from Bitcoin to Ether in the past few days. In the past week, BlackRock’s ETHA recorded a net cash inflow of over $492 million to currently hold about $4.84 billion in cumulative net cash inflow at the time of this writing.

The gradual crypto cash rotation from Bitcoin to Ethereum has fueled the narrative of the much-anticipated altseason 2025. Moreover, the ETH/BTC pair has been dropping for the past few years until recently, signaling a major shift by institutional investors to the altcoin market.

What Next for ETH Price?

Since breaking out of an established falling trendline in the first quarter, the ETh price has been forming a rising trend characterized by higher highs and higher lows in the lower timeframes. The altcoin has, however, been consolidating in a tight range between $2,400 and $2,679 in the past few weeks.

From a technical analysis perspective, Ether’s price is well positioned to rally above $3k if the buyers manage to push the altcoin above $2,679 in the coming weeks. However, a consistent close below $2.4k will signal further short-term bearish sentiment towards $2.2k.