Ethereum Targets $5K as Bitmine’s $130M ETH Purchase Fuels Bullish Frenzy
Institutional money just placed a $130 million bet on ETH—and the market's responding like it's 2021 all over again.
Bitmine's whale-sized buy signals confidence in Ethereum's next leg up. Traders now eye the $5,000 psychological barrier as the next stop.
Meanwhile, Bitcoin maximalists are suddenly very interested in 'that other chain.' Funny how nine-figure checks focus the mind.
Will this move trigger a broader altseason? Or is it another case of hedge funds front-running retail before dumping bags? Either way—buckle up.
- Ethereum sees a $130M purchase by Bitmine, raising its holdings to $5.26B and highlighting strong institutional interest.
- ETH is trading near $4,650, hovering between support at $4,402 and resistance at $4,790; a breakout could target $5,000.
- ETH derivatives show cooling momentum with lower trading volume and open interest, indicating reduced short-term risk appetite.
Ethereum (ETH) sees a slight pullback after big investor moves, with analysts watching support levels and possible breakout points. At the time of writing, ETH is trading at $4,422, after dipping -4.38% over the last 24 hours. Its trading volume is $88.62 billion, and its market capitalization is $537.29 billion.
Ethereum Sees Big Buy from Bitmine
Prominent crypto analyst Ted noted that major crypto investor Bitmine purchased $130 million worth of Ethereum, increasing its overall ETH holdings to a staggering $5.26 billion.
Ethereum Approaches Critical Support and Resistance Zones
At the same time, another market analyst, The ANT Academy, posted a new chart analysis, highlighting Ethereum’s key price levels. According to his observation, ETH is currently trading at $4,650, between the support at $4,402 and the resistance at $4,790.
A breakout above $4,790 can drive ethereum to $5,000, indicating a potential bullish trend. Otherwise, if the price fails to break through this resistance level and falls below $4,402, ETH could retest the strong support level at $3,924. Analysts identify $3,924 as an important level that must be held to prevent a further decline.
Investors and observers are closely monitoring these levels as ETH moves through a volatile patch, with the possibility of either a robust recovery or a more significant pullback in the days to come.
Ethereum Derivatives Show Cooling Momentum
Ethereum’s derivatives market retreated with decelerating trade flow. Latest data indicate that trading volume fell by 37.58% to $141.44 billion. Such a significant reduction signals a drop in aggressive short-term speculative positions.
At the same time, open interest decreased, falling 5.86% to $62.44 billion. The decline indicates fewer active contracts in the market, which may suggest reduced leverage and a lower appetite for high-risk movements. It’s a cooling-off period after the recent volatility.
Observing the OI-weighted funding rate, the level stands at 0.0082%, indicating a fairly neutral market positioning. This implies that there is no significant leaning toward either longs or shorts, thus keeping the market stable for the time being.
Even after recent retracements, the stability of funding rates indicates that ETH is not facing significant directional pressure. With long and short positions remaining stable, the market appears to be awaiting a new catalyst to set the next trend.
