Ethereum has been trading at a critical level after several days of volatility, approaching an all-time high of nearly $4,800. Bulls are still under control, and the market is increasingly focused on whether ETH can break through resistance and see new stages of the uptrend. In addition to momentum, Bitmine Immersion Technologies, Inc. announced that it had just purchased $129.9 million worth of ETH, a primarily US-based blockchain technology company, after a brief day of inactivity.
This strategic acquisition highlights the growth trend of ethical players assigning directly to Ethereum, strengthening confidence in its long-term value. Bitmine’s movement reflects similar financial strategies employed by companies such as Sharplink Games, indicating a wider change in the company’s accumulation of ETH. The timing is noteworthy as exchange balances shrink, demand is strengthened and supply-side pressure on the market.
For investors, the convergence of institutional purchases and strong technical positioning suggests that Ethereum may be preparing for a critical breakout. However, with the volatility still high, market participants are closely watching whether ETH can maintain momentum beyond key levels and solidify their leadership roles in the broader Altcoin Rally.
As Bitmine expands its holdings, Ethereum accumulation grows
This latest acquisition has brought Bitmine’s total holdings to approximately $5.26 billion, bringing it to ETH of 1.174 billion. This continuous accumulation trend is at a critical time for Ethereum as assets test the highest level of resistance ever.
The timing of Bitmine’s purchase highlights the growing confidence among institutional players that Ethereum will continue to outperform in the current cycle. The supply of exchange reserves and OTC desks is steadily shrinking, indicating strong demand while the available liquidity is drying out. This dynamic of tightening supply often functions as a fuel for sharp up-price movements, especially when combined with important institutional influx such as Bitmine.
Meanwhile, Bitcoin is putting pressure above all-time highs and is struggling to confirm a breakout. This contrast is shaping a new stage in the crypto market where the relative strength of Ethereum is increasingly apparent. If ETH pushes the resistance well, it could lead the next leg of Altcoin Rally, with liquidity flowing towards stronger assets in the sector.
Price retains important support after strong gatherings
Ethereum’s price action shows resilience despite a recent pullback from recent highs close to $4,800. On the four-hour chart, ETH is currently trading around $4,422, surpassing the 50th moving average of $4,347. This level serves as a dynamic short-term support, suggesting that buyers will remain active even after earning a top profit.
The rallies over the past few weeks have been marked by higher and higher lows, confirming a strong bullish structure. Volume spikes in the upward movement highlight continuing demand, but the latest revisions have seen relatively low sales and signs of bull encouragement. The moving averages for the 100th and 200th periods were $3,988 and $3,780 respectively, far below current prices and strengthening the wider uptrends.
If ETH maintains support of over $4,350, it is likely possible to rebound from $4,600 to $4,800, with the highest potential breakout attempt ever. However, a breakdown below the 50th moving average could result in a deeper correction at $4,000 as the next major support zone. The bullish basis, reduced supply and growing institutional interest make the market seem poised for critical moves.
Dall-E special images, TradingView chart
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