BitMine Buys Ethereum Dip; Is ETH Price Ready for $10k?

BitMine's Major Ethereum Accumulation

Amid a market downturn, cryptocurrency mining company BitMine has made a significant purchase of Ethereum, sparking discussion about ETH's potential to reach $10,000.

• $300 Million Dip Purchase: On-chain data from Arkham reveals BitMine bought $300 million worth of Ether during the recent market correction.
• Institutional Demand: This accumulation coincides with a reported $57.6 million in net inflows into Ethereum investment products, indicating growing institutional interest.
• Substantial Holdings: Following this purchase, BitMine's Ether holdings are valued at approximately $12.4 billion, making it a leader among entities using ETH for treasury management.

Technical Outlook and Market Sentiment

From a technical analysis perspective, Ethereum is considered to be in the early stages of a macro bull market. Its price is currently retesting a crucial multi-year resistance level around $3,600.

The midterm bullish outlook is supported by the prevailing fear and deleveraging in the market, as crypto prices often move contrary to crowd sentiment. Analysts suggest that as long as the price holds above the $3,000 support level, a reversal towards a new all-time high is likely in the coming days.

Whale Activity Adds to Bullish Case

Adding to the positive sentiment, a notable Bitcoin whale known as the "Hyperunit Whale" has also entered large long positions. This entity, with a history of successful trades, has longed $37 million in BTC and $18 million in ETH, further bolstering the case for a potential price surge.