Experts highlight that Ethereum's nearest bottom may be $4,300, opening opportunities for further growth, with institutional players like BitMine actively accumulating ETH.
Mark Newton's Ethereum Price Prediction
Fundstrat's Mark Newton stated that he expects Ethereum's price to bottom near $4,300 within the next 12 hours. According to Newton, this level is crucial for maintaining a bullish outlook and investor confidence. He emphasized that breaking through the $4,067 level set on August 18 would be critical to preserving the current trend.
Institutional ETH Purchases: BitMine Leads
According to Arkham Intelligence data, BitMine Immersion Technologies purchased 4,871 ETH for $21.3 million during a recent market decline. Their total holdings now amount to 1.72 million ETH, equivalent to nearly $7.5 billion at current prices. Over the past week, BitMine has added over 190,500 ETH to its assets, indicating a concentrated strategy on Ethereum.
Strategic Reserves of Ethereum: Market Impact
Data on Strategic Ethereum Reserves shows that 71 entities control 4.3 million ETH, accounting for 3.56% of the total supply. Meanwhile, SharpLink Gaming, holding 740.8K ETH, exhibited a 105.3% increase over the past 30 days. Reserve activities suggest many institutional players are engaging in active accumulation, which may significantly impact the market.
Therefore, the current state of the Ethereum market reflects significant activity from institutional players, suggesting the possibility of reaching a bottom at $4,300, creating positive expectations for future price growth.
