Analyst Says Ethereum Bounce Is Imminent As BitMine Continues To Accumulate

After losing the $4,450-$4,500 area during the recent market downturn, Ethereum (ETH) is attempting to hold a crucial level as ￰0￱ analysts suggest that the leading altcoin is poised to bounce soon as crypto treasury companies continue to bet on the ￰1￱ Reading: Bitcoin Stuck In Neutral While Markets Roar — Analyst Explains Why Ethereum Eyes Rebound Amid $4,100 Retest On Monday, Ethereum’s price dropped around 7% during the largest liquidation event of the year so far. Notably, the crypto market saw more than $1.7 billion in leveraged positions liquidated over the past 24 hours, according to CoinGlass ￰2￱ led the losses with nearly $500 million in liquidations, followed by Bitcoin’s $284 ￰3￱ dragged the King of Altcoin’s price to the crucial $4,100 support for the first time since August, hitting a one-month low of $4,077.

Daan Crypto Trades highlighted that today’s event was the largest nominal Ethereum liquidation since 2021, when the cryptocurrency’s price dropped around 45% in a single day. However, various market watchers noted that the price decline was relatively tame compared to previous liquidations of this ￰4￱ the second-largest cryptocurrency dropped to the $4,100 support, some analysts suggested that Ethereum is gearing up for a ￰5￱ The Trader affirmed that ETH is “following the blueprint” to a five-digit ￰6￱ the trader, the cryptocurrency rallied to its previous all-time high (ATH) of $4,800 after breaking out of a multi-year bullish ￰7￱ its breakout from an Adam and Eve formation in 2021, the leading altcoin retested the level as support and consolidated around this area for three months before the next leg ￰8￱ time, Ethereum displays a new textbook setup with a multi-year descending triangle formation, which was broken out of last month and is currently being retested as ￰9￱ to the market watcher, ETH could see a 2021-like breakout toward the $10,000 barrier.

Nonetheless, Ted Pillows asserted that the altcoin must hold the $4,100 area as support for a short-term bounce. “If this level is lost, Ethereum will drop towards the $3,700-$3,800 level,” the analyst ￰10￱ Holds 2% Of ETH Supply Despite the market downturn, corporations continue to bet on the second-largest cryptocurrency for their Digital Asset Treasury (DAT) strategies. BitMine, the second-largest crypto treasury, revealed that it has increased its ETH holdings to nearly 2.5 million tokens over the past week, as part of its goal to hold 5% of Ethereum’s total ￰11￱ now owns over 2% of the supply with 2,416,054 ETH, solidifying its position as the largest ETH Treasury in the ￰12￱ to the Monday announcement, the company now holds $11.4 billion in assets, including the 2.4 million ETH tokens, 192 Bitcoin (BTC), $175 million stake in Eightco Holdings for its “Moonshot” initiative, and unencumbered cash of $345 million.

Additionally, the company is the 24th most traded stock in the US, with an average daily volume of $3.5 billion, according to 5-day average data from ￰13￱ Reading: Solana Faces Deadly Selling Pressure After 312,233 SOL Deposit Into Coinbase – Here’s The Value BitMine’s chairman, Thomas “Tom” Lee, stated that the company continues “to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” adding that “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial ￰14￱ the majority of this is taking place on Ethereum.” As of this writing, ETH is trading at $4,145, an 8% decline in the weekly ￰15￱ Image from Unsplash.

com, Chart from ￰16￱