- Ethereum maintains an upward price path with strong weekly gains.
- BitMine’s large ETH purchase strengthens its treasury dominance.
- Technical breakout signals potential for a short-term bullish rally.
- Key resistance at $4,600 could determine the next price direction.
Ethereum (ETH) continues to move along a steady upward trajectory, with its price gaining strength with the overall market. While the 24-hour performance has remained stable, ETH has recorded a 4.45% gain over the last seven days. This steady rise underscores growing market optimism, despite daily fluctuations.
At the time of writing, ETH is trading at $4,520.42. Its 24-hour trading volume is $36.95 billion, reflecting a 15.25% surge from the previous day. The overall market capitalization now reaches $545.47 billion, cementing Ethereum’s position as the second-largest cryptocurrency. The steady rise in value suggests that participants are cautiously building positions while monitoring technical indicators and macro trends.
Also Read: Ethereum Eyes $8,500 Target as Institutional Buying Fuels Bullish Momentum
BitMine Expands Its Ethereum Treasury
One of the most notable developments involves BitMine’s aggressive Ethereum accumulation strategy. Since September 8, the company has acquired approximately 82,000 ETH, valued at around $370 million. These purchases add to its already substantial treasury, which now holds an estimated $9.75 billion in Ethereum.
In addition to its ETH, BitMine holds 192 BTC worth nearly $22 million, a $214 million stake in Eightco, which is linked to Worldcoin, and $569 million in liquid cash. This broad portfolio highlights the company’s commitment to digital assets while diversifying across multiple holdings.
The scale of these acquisitions places BitMine ahead of several major Ethereum-holding entities. It now surpasses SharpLink, which controls about 837,000 ETH, and The Ether Machine, with 495,000 ETH. On a larger scale, BitMine stands second in public cryptocurrency treasure size in the world; only MicroStrategy has accumulated close to 639,000 BTC, whose value is over $73 billion.
Technical Outlook Points to Breakout
From a technical perspective, Ethereum’s recent price action aligns with good technical signals. The token has just broken out to the upside from a descending wedge setup on the 1-hour chart, a pattern typically observed right before reversals to the upside. It also broke out to a higher high above a horizontal area of support and consolidation, suggesting a possible culmination of accumulation with a resultant buying strength.
Crypto analysts, Captain Faibik, note that resistance is currently between $4,580 and $4,600. If Ethereum manages to break out of such a zone and retain such a level as support, it would make a jump to $4,750. However, traders should be aware of a false breakthrough.
A breakdown below $4,500 would spoil such a rosy scenario and create new bear pressure. Traders also look for Ethereum to stay above $4,600 to validate the bullish pattern. After consolidating with buying demand back, positive momentum is in place for one more higher lift, but volatility risks are looming.
Also Read: Ethereum (ETH) Targets $5200 as Whale Accumulation Fuels Momentum
