Ethereum (ETH) Targets $3,400 as Bitmine Buys 18,345 ETH Amid Fusaka Upgrade
Ethereum bulls are back in the driver's seat, eyeing a decisive break above $3,400. The catalyst? A massive institutional vote of confidence and a pivotal network upgrade.
The Whale Move That's Shaking the Market
Bitmine just dropped a bombshell, scooping up 18,345 ETH in a single move. That's not just a bet—it's a statement. It screams conviction in Ethereum's long-term roadmap, sending a clear signal to the rest of the market that smart money is positioning for the next leg up.
Fusaka: More Than Just a Network Tweak
Enter the Fusaka upgrade. This isn't just another technical footnote. It's a core infrastructure play designed to cut transaction costs and bypass legacy bottlenecks. Think of it as a high-performance tune-up for the world's premier smart contract engine—active development that keeps Ethereum miles ahead of the 'copy and paste' chains.
The timing is perfect. With institutional accumulation meeting tangible protocol improvement, the setup for ETH looks stronger than a banker's handshake at a private equity luncheon. All eyes are now on that $3,400 target. If it breaks, the path clears for a run that could leave the skeptics—and the traditional finance dinosaurs clinging to their spreadsheets—firmly in the dust.
Bitmine’s Ethereum Buy Signals Institutional Confidence
The Tom Lee-associated investment entity Bitmine has again emerged in the limelight after undertaking a significant purchase of ETH tokens earlier in the day. According to blockchain data, the investment entity purchased 18,345 Tokens of ETH worth $54.94 million in one transaction. This purchase further strengthens the trend among Bitmine of mass accumulation in the network.
Source: Lookonchain
The timing of this purchase has raised questions about institutional confidence in ETH in advance of possible market catalysts. Although Tom Lee has yet to make a statement regarding this matter, his record of profound Optimism in the market continues to make its presence felt. Market participants are closely waiting for more accumulation signs.
Ethereum Eyes $3,400 Breakout as ETH Retests $3,100
Moreover, the crypto analyst, Lennaert Synder, revealed that ETH currently tests the essential $3,100 level once again. This region has been dominant in deciding the trend multiple times in the past. A clear breakout here can spark solid bullish momentum. This may open up possibilities towards the $3,400 Fair Value Gap region. Another level under attention now is the lower $3,150 region.
Source: Lennaert Synder
But if bulls are unable to ignite further rallies, the next significant level WOULD be the $3,000 support, which would be essential in creating higher lows. A break below this level would trigger further selling opportunities in the $2,850 region. The levels remain aligned both above and below, providing multiple opportunities in the Ethereum market.
Also Read: Whale Buys 77,385 ETH Worth $212M as Ethereum Eyes Possible Price Rebound
