- The Ethereum price overhead supply at $3,000 resistance, signaling a risk of 6% drop ahead.
- Bitmine Immersion Technologies acquired an additional 98,852 ETH in the past seven days.
- ETH fear and greed index at 54% accentuate a broader neutral sentiment among market participants.
The Ethereum price experienced a sudden surge in selling pressure during the Monday’s U.S. market hours and plunged below $3,000 again. The renewed bearish momentum is recorded in the majority of major cryptocurrency along with Bitcoin reversing $90,000. While the overhead supply limits recovery support in ETH, the corporate firm continued to accumulate more Ethereum this month, projecting high conviction for the asset’s long-term trend.
Bitmine Accumulates 3.37% of Ethereum Supply as Crypto Treasury Hits $13.2B
Bitmine Immersion Technologies, a company that focuses on accumulating Bitcoin and Ethereum over long-term investment strategies, has revealed its total assets, including digital currencies, liquid money, and high-risk investments, to be $13.2 billion.
The breakdown of these assets as of December 21 at 3 p.m. Eastern Time consists of 4,066,062 units of ETH, priced at $2,991 each based on Coinbase data, and 193 units of BTC. Additionally, the company has a $32 million interest in Eightco Holdings, listed in NASDAQ through ticker ORBS, listed under speculative ventures, and $1.0 billion in cash reserves. This ETH volume accounts for 3.37% of the total supply in circulation, which is 120.7 million tokens.
In the last activity, the firm has obtained another 98,852 ETH in the last seven days, reaching a total of more than 4 million in a period of 5.5 months since inception.
“We are making rapid progress towards the ‘alchemy of 5%’ and we are already seeing the synergies borne from our substantial ETH holdings. We are a key entity bridging Wall Street’s move onto the blockchain via tokenization. And we have been heavily engaged with the key entities driving cutting edge development in the defi community.” said Thomas “Tom” Lee of Fundstrat, Chairman of Bitmine.
Among corporate entities, Bitmine has the highest amount of Ethereum reserves and is the second highest for cryptocurrency treasuries behind only Strategy Inc., which holds 671,268 BTC with a value of $59 billion.
“We continue to make progress on our staking solution known as The Made in America Validator Network (MAVAN). This will be the ‘best-in-class’ solution offering secure staking infrastructure and will be deployed in early calendar 2026,” continued Lee.
Ethereum Price Poised For 6% Dive As Buyers Fail $3k Breakout
Since last weekend, the Ethereum price has witnessed low volatility trading with buyers struggling to sustain above the $3,000 psychological level. Even today, the daily chart shows a failed attempt for breakout with a long wick rejection candle and price trading at $2,980.
The overhead supply pressure comes from the midline of the Bollinger band indicator, suggesting bearish market sentiment. With sustained selling pressure, the Ethereum price could plunge another 6% before retesting an ascending trend at $2,804.
Since late July, the coin has witnessed a renewed buying pressure at this dynamic support, indicating a strong accumulation point for buyers. If these sellers breach this support with a strong daily candle, the current correction could prolong entering the sub-$2,500 region.
On the contrary, if the coin price manages to hold the bottom trendline, the buyers could counter-attack for a bullish reversal.
Also Read: TRON-based USDT Secures Approval from Abu Dhabi Regulator
Credit: Source link