Ethereum may have once again bounced back above the $2,100 price level, but it is still far from its recent high of $4,900. Even with ETH falling so far from its highs, major companies are still embracing leading altcoins, and Bitmine Immersion demonstrates this institutional demand.
Bitmine Adds Ethereum Amid Turmoil
Despite the turmoil in the market, the famous company Immersion Bitmine is moving forward with its crypto expansion strategy, adding more Ethereum to its portfolio. The behavior suggests that the company is embracing volatility rather than abandoning it, which shows confidence in Ethereum’s long-term prospects.
According to CryptoRusthe company made another purchase of about 50,900 ETH, bringing its total assets to about 4.47 million ETH. After the last purchase, Bitmine’s immersion now includes about 3.7% of the total turnover supplymaking it one of the largest altcoin holders across the sector.
This is not a small treasury bet. Tom Lee, CEO of Bitmine, stated that the purchase is intentional and expects stocks and crypto to rebound in March, while arguing that the markets are likely in the final stages of a decline despite the war headlines.
CryptoRus emphasized that these moves by Bitmine are a clear position that is likely to precede a major upward move. With hundreds of millions of cash in hand, BitMine continues collecting ETHconsiders recession not a red flag, but an opportunity.
Although this shows how at least one experienced player interprets this phase of the cycle, it does not provide short-term price direction. When Treasury buyers enter during periods of weakness, it often means that companies ignore the noise or FUD and prepare for the next leg.
The price of ETH compared to Bitcoin
For 1 day, the price of Ethereum is currently following Bitcoin movement is higher except for white formation cloud triangular scenario. In the past, it was assumed that even if another low developed, it would likely be the lowest in the last structure. However, More Crypto Online stated that it is less important with the current price action and this possibility was present in the yellow scenario.
From here, the price could always go lower, but the key point of the bear triangle called for a break, which never happened. On the contrary, the sign that the market went up was eliminated. A wave B rally was still pending, even in the alternative scenario that allowed for another low.
Like Bitcoin, Ethereum has been watching the possibility of a bigger wave B rally for a long time, and now it looks like it. However, the structure remains volatile and does not necessarily indicate the beginning of a sustained impulsive rally. Thus, the expert noted that he considered this move as a possibility rather than a certainty.
After breaking the resistance, the short-term negative scenario shown in the chart was eliminated. Currently, the price is trying to rise above the upper limit of the range at $2,150.
Featured image from Freepik, chart from Tradingview.com
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