Key highlights
Bitmine's $199M Ethereum purchase reflects long-term confidence in the market.
Ethereum's price is struggling at $3,000, with a possibility of falling to $2,800.
A 3% decline was observed in the fear-based market; Ethereum is facing bearish pressure.
📉 Ethereum's price stabilizes and the market remains steady
Despite a slight cooldown in the cryptocurrency market over the last 24 hours, Ethereum's price remained stable at $3,000. Following a broader market decline, a 4% decrease in ETH was observed during this period.
Cryptocurrency has fallen below the support level of $3,100, indicating a further possibility of decline. Overall, there has been a 3% drop in the cryptocurrency market over the past day and a 10% decrease over the last 30 days.
🛑 Market fear and reasons
Crypto Fear & Greed Index is at its lowest level of 21, indicating extreme fear and resulting in some liquidations.
The reasons for this slowdown include institutional drain, regulatory issues, and technical failures. Interestingly, a withdrawal of up to $2.7 billion has been observed in Spot Bitcoin ETFs since November of this year.
💰 Bitmine continues its aggressive purchasing of Ethereum
Under the leadership of Tom Lee, Bitmine has shown more activity in the cryptocurrency market, purchasing an additional 22,676 Ethereum (ETH) today, valued at $68.67 million.
With this recent purchase, the total amount of Ethereum bought by Bitmine in the last 24 hours has reached 64,622 ETH, amounting to a total value of $199.4 million. This is a significant sum.
The recent transaction, recorded just a few hours ago, involved withdrawing 22,676 ETH from BitGo's hot wallet and transferring it to Bitmine's wallet.
📈 Bitmine's aggressive stance and Ethereum price forecast
As Ethereum's price continues to oscillate, Bitmine's aggressive approach proves that the company believes in the future of ETH. Accumulating such a large number of Ethereum in a short time indicates Bitmine's strong leadership position in the market.
🔮 Ethereum price forecast: Will it hold above $3,000 or drop to $2,800?
Crypto analysts provided an update on Ethereum's price movement and noted that this token remains stable above the $3,000 level.
However, if Ethereum's price falls below this critical value, it could drop to the $2,800 support zone.
Analysts emphasized that in terms of price dynamics, Ethereum is at a crucial point at the $3,000 level in the near future. If the price breaks downward, traders should keep an eye on the potential decline to the $2,800 level, which is a significant support level.
📈 Important levels to watch
Ethereum (ETH) price was hovering around $3,031 on Saturday, showing mixed signals as it was trading within a narrow range. It was unable to break the critical resistance level of $3,100, nor the latest support level of $3,300.
Moving Average Convergence Divergence (MACD) has indicated a bearish crossover. The MACD line has fallen below the signal line, suggesting further downward movement.
The Relative Strength Index (RSI) is at 46, which is significantly below the 50 level. If Ethereum's long-term forecast manages to break the $3,100 mark, it could retest the $3,300 resistance level.
On the other hand, a continuous decline below $3,000 could push the price further down, opening pathways for potential bearish targets in the coming days.
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