Ethereum ( ETH ) increased by 2% in trading on Tuesday, after BitMine announced its latest update showing that the company's reserve assets have reached 3.31 million ETH.
BitMine adds over 77,000 ETH after progress in US-China trade negotiations
The Ethereum BitMine Immersion treasury management company (BMNR) has just added 77.055 ETH after a new purchase last week.
According to the announcement on Monday, BitMine's total holdings have reached 3.31 million ETH, equivalent to nearly 2.8% of the total circulating supply of 121.16 million ETH. This figure brings the company more than halfway to its “alchemy of 5%” goal – the ambition to own 5% of the total supply of Ethereum.
Alongside the expansion of the ETH portfolio, BitMine has also increased its cash amount to 305 million USD, holding 192 Bitcoin (BTC) along with an investment worth 88 million USD in Worldcoin (WLD) through the Eightco Holdings fund. As of October 26, the total asset value of the company reached 14.2 billion USD.
Currently, BitMine is the second largest digital asset treasury (Digital Asset Treasury – DAT) in the world, only behind Strategy (MSTR) – the company that holds 640,808 BTC after purchasing an additional 43.4 million USD worth of Bitcoin last week. Meanwhile, BitMine holds the number one position in the scale of public Ethereum treasury, far surpassing SharpLink Gaming (SBET) with 859,395 ETH and The Ether Machine (ETHM) with 496,712 ETH, according to data from StrategicETHReserve.
Immediately after the information was announced, BitMine's stock rose by 6%, while the price of ETH also recorded an increase of 2%.
Positive mindset thanks to progress in US – China negotiations
The chairman of BitMine, Mr. Thomas Lee, stated that market sentiment is being bolstered by positive developments in US-China trade negotiations, a factor that has contributed to the influx of funds into risk assets.
He further stated: “Although the fundamental factors of Ethereum and the cryptocurrency market do not directly correlate with stocks, 15 years of research data from Fundstrat shows that when the stock market is thriving, Ethereum and leading cryptocurrencies tend to experience stronger growth. This indicates an indirect relationship through the financial leverage channel.”
The chairman also emphasized: "The open contract of ETH is currently equivalent to the level on June 30 of this year, when the price of ETH was around 2,500 USD. With expectations for an upcoming 'super cycle' (Supercycle) of Ethereum, the current price differential is opening up an attractive risk/reward ratio.
Ethereum Price Prediction: ETH Breaks Key Levels, Aiming for Higher Peaks
According to data from Coinglass, in the past 24 hours, Ethereum has recorded a total of 124.6 million USD in liquidated positions, of which 94.6 million USD came from Short positions – indicating that short selling pressure was aggressively squeezed as prices recovered.
Notably, ETH has risen above the 50-day and 100-day exponential moving averages (EMA), while also breaking the resistance level around 4,100 USD on Monday – after a week of consistently struggling to maintain above this range.
ETH/USDT daily chart | Source: TradingViewCurrently, the second largest altcoin in the market is testing the resistance level of 4,270 USD, a level that ETH was unable to surpass on October 14 before plummeting below 3,700 USD. If a successful breakout occurs, the price could head towards the 4,500 USD area, and further test the important resistance level of 4,800 USD.
On the contrary, if the 4,100 USD level is not maintained, ETH may retreat to the support area around 3,800 USD.
Technically, the RSI indicator is maintaining above the neutral zone and is above the yellow moving average, indicating that the upward momentum remains strong. Meanwhile, the Stochastic Oscillator (Stoch) has entered the overbought zone, warning of the possibility of a short-term correction or accumulation phase before the upward trend is extended.
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