External News Article
This article was originally published on newsbtc
ONLY AVAILABLE IN PAID PLANS
Want to read more?
This is a summary of the article. You can read the full story on the original publisher's website.
Read Full ArticleTechnologySentiment: ONLY AVAILABLE IN PROFESSIONAL AND CORPORATE PLANS
Ethereum Tops $2,100 As BitMine Ramps Up ETH Bet With $137M Purchase
Bitmine has increased its bet on Ethereum (ETH) with a $137 million purchase, as the King of Altcoins reclaims the crucial $2,150 level, and some market observers call for the end of the crypto market correction. Related Reading: Ethereum Whales Return to Profitability as Historical Bottom Signal Reappears Bitmine Adds 65,000 ETH Amid End Of Crypto Winter Calls On Monday, the largest Ethereum treasury in the world, Bitmine, announced it continued to ramp up its bet on the King of Altcoins by purchasing roughly $137 million in ETH last week. In its weekly update, the company reported it acquired 65,341 ETH over the past week, maintaining its “increased pace of ETH buys in each of the past three weeks.” This represents a significant increase in the average 45,000-50,000 ETH acquisitions from prior weeks. Notably, Bitmine’s latest purchase has pushed the company’s total crypto and cash holdings to $11 billion at current prices. As of March 22, the second-largest crypto treasury firm holds 4,660,903 ETH, 196 Bitcoin (BTC), a $200 million stake in Beast Industries, a $95 million stake in Eightco Holdings as part of its “Moonshots” initiative, and unencumbered cash worth $1.1 billion. In addition, it holds 3.86% of ETH’s total supply, and nears its goal to control 5% of the leading altcoin’s 120.7 million supply. Meanwhile, the firm’s total staked ETH stands at 3,142,643, worth $6.5 billion at $2,072 per ETH. Bitmine’s chairman, Tom Lee, highlighted that the company maintained its increasing purchasing pace due to its base case that “ETH is in the final stages of the ‘mini-crypto winter.’” As he noted, “crypto and particularly ETH have outperformed the broader market since the Iran war commenced, with ETH rising 18% and outperforming equities by 2,450bp.” To Lee, this has demonstrated that cryptocurrencies are a “good ‘wartime’ store of value.” He also highlighted the US Congress’s recent progress on the CLARITY Act, affirming that it will be a positive fundamental catalyst for Ethereum and “another reason probabilities favor the crypto winter as being largely behind us.” Ethereum Bullish Momentum Returned? On Monday morning, Ethereum rose alongside the rest of the crypto market after President Donald Trump announced he was postponing planned strikes on Iranian energy power plants for five days. Ethereum surged 8% from the $2,000 psychological level, reclaiming the crucial $2,150 area. Analyst Ali Martinez noted that the King of Altcoin is “showing signs of a major structural shift,” as it has shown the strongest combination of technical support and on-chain signals in months. From a technical perspective, Ethereum is currently trading within a multi-year ascending triangle pattern on the weekly chart. This pattern suggests a potential breakout towards the $10,000 level. As he explained, the recent move toward $1,800 served as “a critical reaction point, aligning with the rising trendline of this multi-year structure.” In addition, on-chain data confirms that the recovery “wasn’t just a random bounce,” with the MVRV ratio recently dropping below 0.8, which historically has been a “generational buy zone.” The fact that this on-chain reset happened exactly as price tested the triangle’s support adds massive weight to the bullish thesis. He also highlighted that the key SuperTrend indicator has flipped from Sell to Buy for the first time since May, suggesting that the extended sideways period is ending, and a new uptrend is beginning. Related Reading: Dogecoin Could 200% Rally If This Floor Holds, Analyst Says Martinez concluded that a sustained move above the $2,350 area would be the first signal that Ethereum is exiting its accumulation range and entering a “true bull market expansion” and that any dips into the $1,800-$2,000 range should be “viewed as an opportunity as long as the $1,800 floor remains intact.” Featured Image from Unsplash.com, Chart from TradingView.com
Topics
#tom lee#eth#crypto winter#bitmine#ethereum performance#bitmine eth staking#ethusdt#ethereum recovery#ethereum price#ethereum#crypto market correction#bitmine ethereum buying#crypto market recovery
Found this helpful?
Share this article with your network
Continue Reading
More articles in Technology
Technology
Siemens Says Industry’s Demands Keep It Safe From AI Disruption
No description available
1 min read
Technology
COUNTERPOINT: Update Section 230 for the age of algorithmic distribution
It’s the 30th anniversary of Section 230 of the Communications Decency Act, a law that says that communications platforms aren’t legally responsible for what users post. That means this law is older than all of Gen Z (not to mention...
1 min read
Technology
2026 Renault Duster Launched in India: Complete Details
Renault India has officially launched the all-new 2026 Renault Duster in India, bringing back one of the most popular SUVs in the country. The Duster used to be recognized for its sturdy construction and its high-performance capabilities and its capacity to traverse rough terrain with ease. The SUV first left the market in 2022 but [...] The post 2026 Renault Duster Launched in India: Complete Details appeared first on The GoMechanic Blog .
1 min read