Ethereum News Today: Big Buyers Bet Ethereum’s Bottom Is Near—Here’s Why They’re All-In

Ethereum appears poised to reach a crucial support level in the coming hours before potentially launching into a new upward trajectory, according to Mark Newton, Managing Director and Head of Technical Strategy at Fundstrat Global Advisors. In a recent note, Newton predicted that the cryptocurrency would likely bottom out near $4,300 within the next 12 hours, after which it could begin pushing toward resistance levels near $5,100. A successful breakout could see the price climb further to between $5,400 and $5,450. Newton emphasized that as long as support above $4,067 is maintained, the bullish case remains intact, and bearish short-term perspectives are invalidated [1].

The current market environment has seen a significant correction across the crypto space, with Ethereum trading near $4,400 at press time, down over 7% in the past 24 hours. This decline aligns with a broader market correction that has pushed Bitcoin below $110,000 and led to a drop in the total crypto market cap to $3.87 trillion, nearly $200 billion below last week's levels [1]. Despite the downturn, Fundstrat's Tom Lee has maintained a bullish stance, echoing Newton’s prediction and indicating confidence in Ethereum's potential to rebound. Lee also revealed that his firm, BitMine, has continued to accumulate Ethereum, purchasing an additional 4,871 ETH worth $21.3 million as part of its treasury strategy [2].

BitMine's aggressive accumulation strategy has significantly boosted its Ethereum holdings, bringing the total to 1.72 million ETH, valued at approximately $7.5 billion at current market prices. This move solidifies BitMine's position as the second-largest corporate holder of Ethereum, with a 40% share of the total 4.3 million ETH held by corporate entities. The firm's growing influence was further highlighted as it disclosed an increase in crypto and cash holdings to $8.8 billion, including the addition of over 190,500 tokens in the past week [2].

In parallel, other major players in the crypto space have also been active. The world’s largest crypto treasury firm, Michael Saylor’s Strategy, added to its Bitcoin holdings on Monday, acquiring 3,081 BTC for $357 million at a price of $115,829 per Bitcoin. These continued purchases by corporate treasuries highlight the growing institutional interest in digital assets, with entities increasingly viewing cryptocurrencies as long-term investments [2].

Despite the short-term volatility, the price of Ethereum remains only 10.5% below its all-time high of $4,946, set on August 24. Analysts like Arthur Hayes, co-founder of BitMEX, have previously suggested that Ethereum could continue its upward trajectory, potentially reaching $20,000 by the end of the current market cycle. These bullish forecasts, while speculative, underscore the potential upside for investors who believe in Ethereum’s long-term value proposition [3].

Source: [1] title1 (https://cryptobriefing.com/ethereum-bottom-prediction-risk-reward/) [2] title2 (https://cointelegraph.com/news/tom-lee-eth-will-bottom-within-hours-bitmine-buys-more) [3] title3 (https://zycrypto.com/ether-likely-to-hit-final-bottom-in-next-12-hours-before-rocketing-toward-5100-fundstrat-exec/)