Ethereum Price Holds Bullish Momentum Despite Correction
Ethereum has struggled in recent weeks, slipping into a short-term bear phase. As of Saturday, ETH traded around $3,860, marking a 22% decline from its yearly peak of $4,965. However, it has climbed 2.4% in the past 24 hours, signaling renewed buying pressure.
BitMine Continues Aggressive Ethereum Accumulation
One major bullish driver is Tom Lee’s BitMine, which continues its massive Ethereum buying spree. The firm’s total ETH holdings have now surpassed $6.6 billion, reinforcing investor confidence. Lee remains optimistic about Ethereum’s long-term potential and indicated further accumulation in the coming months.
Other major entities like SharpLink and The Ether Machine also hold significant stakes, with 797,000 and 345,000 ETH respectively. Meanwhile, Huobi’s founder is launching a $1 billion Ethereum treasury company, further strengthening institutional support.
Ethereum Outperforms Bitcoin ETFs
Ethereum ETFs have weathered the recent downturn better than Bitcoin products. This week, Ethereum funds saw outflows of $232 million, compared to $1.2 billion from Bitcoin ETFs. Analysts say Ethereum’s 3% staking yield adds an attractive income component, making it more appealing to institutional investors.
Technical Outlook: Bullish Flag Pattern Suggests Recovery
Technically, Ethereum’s daily chart reveals a bullish flag pattern, signaling the potential for a rebound. The coin has dropped below its 50-day and 100-day EMAs and slightly under the key $4,087 support, but remains within the bullish formation.
If ETH breaks above the flag channel, analysts anticipate a retest of $4,963, followed by a possible push toward $5,000. However, a drop below the flag’s lower boundary could trigger further downside toward $3,000.
