- BitMine has added $84 million in Ethereum, solidifying its lead as the largest public holder.
- Ethereum’s current price struggle is seen as a buying opportunity by market experts.
- Analysts predict a breakout to $5,000 as Ethereum forms a potential bullish chart pattern.
Tom Lee’s BitMine continues to build its Ethereum (ETH) portfolio despite the current market correction. Over the last 24 hours, the company has added almost $84 million in ETH to its holdings. This acquisition further strengthens its position as the largest public Ethereum holder.
BitMine’s latest purchase came from Galaxy Digital’s OTC transactions, totaling 18,730 ETH. With this recent addition, the company’s ETH treasury now stands at a staggering 2.15 million ETH, cementing its dominance over rivals like SharpLink Gaming. The buying spree comes at a time when Ethereum has faced a decline, struggling to hold its ground above the $4,500 mark.
Ethereum Faces Price Resistance
Ethereum had recently surged above $4,600 after the Federal Reserve made its first rate cut of the year. However, the altcoin has been unable to maintain this momentum, leading to a significant sell-off across the broader crypto market. This has led to ETH testing critical support levels, signaling potential volatility in the short term.
While ETH has lost some of its earlier gains, some market experts predict a strong rally in the coming months. Crypto analyst Doomer, who has closely observed BitMine’s continuous accumulation of ETH, has forecasted a new all-time high (ATH) for the altcoin. He expects Ethereum to surge past the $5,000 mark, citing this non-stop buying as an indication of an impending market shift.
Non-Stop Accumulation Signals Future Growth
Doomer likens BitMine and SharpLink Gaming’s ETH acquisition strategies to that of Michael Saylor’s Bitcoin buying habits. According to the analyst, this accumulation phase suggests that Ethereum is underpriced, creating a unique opportunity for investors. Doomer sees a “tick tock boom” in the final quarter of the year for ETH as the price breaks through the $5,000 level.
This chart formation is often associated with a potential bullish breakout. If this pattern holds, Ethereum could see significant upward momentum, with $5,000 becoming the next key target.
