BlackRock just sold $20 million of this cryptocurrency

BlackRock (NYSE: BLK), the world’s largest asset manager, has sold a significant amount of Ethereum (ETH), marking a notable change from its recent pattern of steady buying.

Specifically, on June 20, BlackRock’s spot Ethereum ETF (ETHA) saw an outflow of $19.7 million, the first after 30 days of continuous inflows.

This was also the biggest single-day outflow among all Ethereum ETFs, leading to a net market outflow of $11.3 million. Grayscale helped to balance this with an inflow of $6.6 million.

Looking ahead, crypto trading analyst RLinda pointed out in a June 21 post on X that Ethereum closed Friday’s session on a weak note, testing the important $2,391 support level.

She cautioned that continued pressure around this level could lead to a breakdown, potentially pushing ETH to around $2,323.

Currently, Ethereum is trading below its 50-day simple moving average (SMA) of $2,497.15, but it remains above the 200-day SMA of $2,377.48. This suggests a mildly positive long-term trend, although the short-term momentum seems weak.

Meanwhile, the 14-day Relative Strength Index (RSI) is at 43, placing Ethereum in neutral territory, not yet oversold or overbought.

Featured image via Shutterstock