Ethereum It may have bounced above the $2,100 price level once again, but it is still far from its recent all-time high of $4,900. Even though ETH is falling so sharply from its recent high, large corporations continue to embrace the leading altcoin, and Bitmine Immersion demonstrates this institutional demand.
Bitmine Adds More Ethereum Amid Turbulent Conditions
Despite continued market turbulence, a popular company Bitmining Immersion continues its crypto expansion strategy, acquiring more Ethereum in its wallet. This behavior suggests that the company is leaning into volatility rather than shying away from it, indicating a belief in Ethereum’s long-term prospects.
According to CryptoRus reportthe company made another purchase of approximately 50,900 ETH, bringing its total holding to approximately 4.47 million ETH. After the recent purchase, Bitmine immersion now holds approximately 3.7% of all outstanding securities. providemaking it one of the largest altcoin holders in the industry.
This is no small gamble to the Treasury. Tom Lee, CEO of Bitmine, said the buying was deliberate and expects stocks and cryptocurrencies to rise again in March, while saying markets are likely in the final stages of their bottom despite war headlines.
CryptoRus pointed out that these movements by Bitmine constitute clear positioning, perhaps ahead of a major upward movement. With hundreds of millions in liquidity, BitMine continues to accumulate ETHviewing the decline as an opportunity rather than a wake-up call.
While this indicates how at least one large, experienced player interprets this stage of the cycle, it does not guarantee near-term price direction. When buyers of Treasury securities step in during a period of weakness, it often involves companies ignoring the noise or FUD and preparing for the next step.
ETH price aligned with Bitcoin
On a 1-day time frame, Ethereum price is currently following Bitcoin is progressing in addition to the formation of white bullish triangular scenario. In the past, it was assumed that even if an additional depression had developed, it would likely have been the last depression in the structure. However, more crypto online declared that it has become less relevant with the current price development, and that this possibility was present in the yellow scenario.
From there, the price can still fall, but the key point of the bearish triangle required a breakout of support, which never happened. Instead, the indication that the market was moving higher was removed. A wave B rally was still expected, even in the alternative scenario that would allow for an additional low.
Like Bitcoin, Ethereum is watching for the possibility of a larger Wave B rally over a longer time frame, and this now appears to be happening. However, the structure remains fragile and does not necessarily mark the start of a lasting impulsive rally. Thus, the expert noted that this decision should be treated in terms of probabilities rather than certainty.
After the resistance was broken, the short-term negative scenario shown on the chart was eliminated. Currently, the price is trying to break above the upper limit of the range at $2,150.
Featured image from Freepik, graphic from Tradingview.com
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