Ethereum Bulls Defend $4,300 Amid Bitmine’s Continued Accumulation
Ethereum (ETH) is experiencing significant price fluctuations, currently trading near $4,325 after a 10% drop from $4,750. The decline reflects broader market uncertainty but highlights the critical support zone at $4,300.
- Price Movement: ETH is consolidating around $4,325, having fallen below the 50-day moving average, indicating short-term weakness. However, the 100-day and 200-day moving averages suggest a broader uptrend remains intact.
- Support Levels: The $4,300 level is crucial as bulls defend it to prevent further declines. If held, a retest of $4,500–$4,600 resistance is possible. A break below $4,250 could lead to a deeper pullback toward $4,000.
- Institutional Confidence: Despite recent volatility, institutional entities like Bitmine are accumulating ETH. Recent transactions include 23,823 ETH received from BitGo and 20,020 ETH from FalconX, signaling strong long-term confidence.
- Retail Sentiment: Mixed among traders; some view the current price as an accumulation opportunity, while others fear further selling pressure.
If bulls maintain $4,300 support, Ethereum could stabilize and potentially resume its bullish trajectory. Institutional accumulation reinforces ETH's value, suggesting potential for future gains despite current market volatility.