Ethereum Price Outlook...BitMine Purchases 100,000 ETH and Declares 'Crypto Spring'

▲ Ethereum (ETH) ©

With large-scale institutional accumulation coinciding with declarations of 'crypto spring,' Ethereum has entered a phase attempting to break through key resistance levels.

According to investment media FXStreet on May 4 (local time), Ethereum (ETH) is trading at around $2,350, attempting to re-break the $2,388 resistance level. In the past 24 hours, liquidations amounting to approximately $137.8 million occurred, of which $93.4 million was attributed to short squeezes, increasing upward pressure.

Institutional demand served as a key driver for the rise. BitMine Immersion Technologies additionally purchased 101,745 ETH last week, expanding its total holdings to 5.18 million ETH. Concurrently, it additionally staked 661,168 ETH, bringing the total staked amount to 4.36 million ETH, with annual staking revenue reaching approximately $297 million.

Tom Lee, Chairman of BitMine, bolstered market sentiment by stating, 'Crypto spring has begun.' He identified the trend of blockchain tokenization on Wall Street and the need for public blockchains by AI systems as factors driving Ethereum's rise. He also assessed that a market uptrend has begun regardless of whether the U.S. cryptocurrency market structure bill, the Clarity Act, passes.

However, institutional fund flows show a mixed picture. According to SoSoValue, Ethereum spot ETFs ended a three-week consecutive inflow trend and recorded a net outflow of $82 million last week. This is identified as a variable that could limit the pace of the uptrend in the short term.

Technically, the upward structure is maintained. Ethereum continues its bullish trend, trading above its 20-day, 50-day, and 100-day exponential moving averages, and the Relative Strength Index (RSI) is around 58, indicating room for further upside. If it breaks above $2,388 on a daily closing basis, further upward paths to $2,746 and then $3,411 could open. Conversely, in case of a decline, the $2,300 and $2,256 levels are presented as primary support.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*