Ethereum Drops 6.1% as BitMine Increases Holdings to 2.15M Coins

Key Points on Ethereum's Recent Market Activity

Ethereum (ETH) dropped 6.1% in the last 24 hours, falling below $4,300 after failing to hold the $4,500 resistance level.
BitMine purchased approximately $84 million worth of ETH, increasing its holdings to over 2.15 million coins, highlighting continued institutional interest.
The U.S. Federal Reserve's 25 basis-point rate cut initially boosted ETH above $4,600 but selling pressure soon followed.
On-chain data shows increased movement of ETH from staking to exchanges, indicating caution among large holders. Low network fees suggest limited on-chain demand.

Technical Analysis and Market Outlook

ETH's price fell below key moving averages (50-SMA and 200-SMA), with bearish patterns suggesting further declines.
The Relative Strength Index (RSI) is oversold at 18, but immediate downside targets include $4,242, $4,159, and potentially $4,065.
A retest of the $4,395–$4,502 range is anticipated; failure to break above could lead to a drop toward $4,000 support.
For bullish momentum, ETH needs to reclaim $4,502 decisively.

Long-Term Perspective

Despite short-term weakness, long-term prospects remain supported by institutional accumulation like BitMine's recent purchase.
The broader market remains unstable, with Bitcoin and major altcoins also experiencing declines.
Upcoming economic events, including Fed Chair Powell’s speech, could influence Ethereum's future movements.