Key Insights
- •Ethereum price has maintained its support at $2,800 but struggles to break through a key resistance.
- •BitMine has continued to bet on ETH amid the ongoing slump in the asset’s price.
- •A top market expert hints at a potential ETH price pullback to $1,000.
Ethereum price has traded near the flatline today, after recording some recovery from its recent losses. Notably, the crypto market has witnessed a massive crash last week, wiping off billions from the market, and impacting the top players in the space.
Bitcoin price neared the $80k mark, while ETH price has slipped below the $2,700 mark. However, the recent recovery of the crypto to $2,800 mark renewed hopes of investors over a potential recovery ahead for the asset.
Despite that, some market pundits have remained cautious on the future trajectory of Ether. For context, in a recent analysis, a top expert has hinted towards a likely pullback for the asset to $1,500 or even lower, which has caught the eyes of traders.
However, the bearish hints also suggest that it could be a buying region for the market participants, allowing them to enter at a discounted price. This comes as the corporations have continued their bets on Ethereum price, reflecting their confidence in the long-term potential of ETH.
Ethereum Price At Flatline Despite BitMine’s Continuing Bet
ETH price today has stayed near the flatline in red, but maintained the brief support at $2,800 at the time of writing. Its trading volume significantly rose by around 40% to $24 billion, suggesting increased trading activity in the market.
It’s worth noting that the crypto has moved between $2,763 and $2,883 in the last 24 hours, recovering from last week’s low of $2,626. The weekly chart for Ethereum price saw a loss of 12%, while the monthly chart shows a further worsening drop of 29%.
Meanwhile, the recent recovery could be attributed to the continuing bet from the corporations. For context, Tom Lee’s BitMine (BMNR) has been aggressively betting on ETH despite the dip in the asset’s price in recent days.
According to a latest Lookonchain report, BitMine has added another 28,625 ETH today, worth $82.11 million. This accumulation follows a transfer of 21,537 Ethereum, valued at $59 million, from FalconX to a BitMine-linked wallet on November 23.
This reflects the long-term confidence of the firm towards the second-largest crypto by market cap. If this accumulation trend continues and the Ethereum ETF reverses its track with institutional interest, it could provide a massive boost to Ethereum price.
ETH Price to $1,500? Analyst Reveals What’s Next
In a recent Ethereum price analysis shared on X, renowned expert Ali Martinez has hinted towards a potential pullback for ETH price to $1,500 or even lower. However, he noted that the retracement could provide crucial accumulation levels to traders ahead of the next “bull rally.”
According to Martinez, Ethereum price has been trading within a channel since 2021 and may continue to fluctuate until it reaches key support levels.
After being rejected at the channel’s upper boundary at $4,700, ETH price has retraced, potentially setting its sights on the middle or lower bounds of the channel.
Martinez highlighted three optimal buy levels, which are $2,300, $1,500, and $1,000. These levels represent the middle and bottom of the channel, respectively, Martinez noted.
Meanwhile, offering a further detailed short-term outlook, analyst Ted said that ETH has tried to reclaim the support between $2,850 and $2,900. However, the crypto has failed to soar past the level, turning it into a major support.
Considering that, Ted said that if Ethereum price fails to reclaim the level, it could witness a pullback to $2,500. Having said that, investors should keep a close track of the crucial support and resistance levels that the analysts have highlighted.