Ethereum bulls managed to hold on to the $2,000 support as Bitmine continued to accumulate capital aggressively. $ETH 4 weeks in a row.
According to recent reports, Tom Lee’s Bitmine has purchased an additional 71,179 Ethereum in the past week. The investment firm has been buying for the past four consecutive weeks, totaling $ETH The holding amount is over 4.73 million, which is approximately 3.92% of the total circulating supply of Ethereum.
In addition to the accumulation, Bitmine also revealed the launch of MAVAN, a dedicated platform that supports institutional staking for large-scale investors. Notably, the company has already deposited some of its funds. $ETH Keep it hidden in your system.
Note that Bitmine has staked over 3.14 million $ETHwhich equates to more than $6.3 billion at current prices, or nearly 66% of its total holdings, and annual staking income now stands at $177 million.
If Bitmine were to invest the entire amount, the expected annual yield could rise to $266 million per year.
The major purchase by a major Ethereum treasury firm served as an important price floor amid widespread geopolitical and macroeconomic uncertainty as it continues its aggressive accumulation strategy with the goal of reaching at least $6 million. $ETH or 5% of the total circulating supply.
Ethereum ($ETH) Price rose more than 4%, regaining $2,000 psychological support after Bitmine’s latest purchase. Since then, the price has consolidated in the range of $2,000 to $2,100, and has settled at $2,053 at the time of writing.
On the daily chart, Ethereum price appears to be forming a large double bottom pattern, which is one of the most reliable bullish reversal patterns in technical analysis. The bottom of the structure is at $1,800 and the neckline of the formation is at $2,400.
Despite the bullish structure, momentum indicators such as MACD and RSI suggest some caution for traders, at least in the short term. Of note is that the MACD line is pointing downwards even though the RSI is just below the neutral threshold.
For now, Ethereum price could see further sideways movement or possible slight decline towards the bottom of the pattern at $1,800 before rebounding strongly to the neckline of the pattern at $2,400. if $ETH If it manages to break through that resistance, it could rally to $3,000.
