Ethereum (ETH) is moving in an upward consolidation phase as the general trend in the crypto market is turning bullish. According to CoinMarketCap, as of Friday, April 24, the ETH price has shown stability over the last 24 hours but remains down by 3.32% over the last week.
At the time of writing, ETH is trading at $2,324.88 with a trading volume of $15.83 billion, which has declined by 24.29% over the last 24 hours. However, its market capitalization stands at $280.5 billion, which is stable.
Source: CoinMarketCap
Also Read: Ethereum (ETH) to Massive $250K: Drastic $31T Shift Explained
ETH Could Slide Further if $2,300 Level Breaks
However, the crypto analyst Ted highlighted that ETH is struggling to maintain momentum above the key $2,300 support zone, with repeated tests showing weakening buyer strength. Spot demand has started to fade, signaling reduced accumulation at current levels.
This loss of conviction suggests the market is losing bullish energy, increasing the probability of short-term downside pressure.
Source: Ted’s X Post
In case Ethereum fails at the level of 2,300, the next stop will be between 2,150 and 2,200, but weak demand from the spot market coupled with nervousness could see ETH moving lower in the short term. The market players will watch out for any signals that could point to ETH stabilizing.
BitMine Expands Ethereum Treasury Past $8.3 Billion
Apart from this price movement, the Ethereum strategy employed by BitMine, Tom Lee’s startup, appears to have improved significantly, with substantial amounts of Ether now being held or staked in just a single day.
According to crypto analyst Crypto Patel, there is about 152,280 ETH staked at the moment, with an additional 100,000 ETH purchased and moved around via new wallets linked to BitGo custody.
Source: Crypto Patel’s X Post
The total investment by the company amounts to 3.58 million ETH, estimated to be worth $8.35 billion. Over 72% of the funds are staked with the aim of generating returns on investments.
It is therefore evident that BitMine is among the most significant Ethereum treasuries across the globe. Continued investment amidst fluctuations in markets shows confidence in Ethereum’s future gains.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Ethereum’s Strong Q2 Setup: 3 Signals Signal a Rally Beyond $3,000
