- Ethereum price remains supported by BitMine’s aggressive ETH accumulation, with the firm now controlling over 4.29% of the circulating supply and nearing its long-term 5% ownership target.
- BitMine’s accumulation surge has been a significant market prop, but if the buying activity stops abruptly or, even worse, if the company defaults on liquidation during the downturn, it could cause substantial fluctuations and supply shock for ETH, caution analysts.
- A rising channel pattern drives short term recovery in Ethereum price.
ETH, the native cryptocurrency of the Ethereum ecosystem, rose 0.95% during Friday’s U.S. market hours to trade at $2,312. The buying pressure gained its current momentum following the traditional U.S. stock market as indices like S&P500 and NasDaq hit new high. The coin price gained additional momentum from the steady buying pressure from treasury firms like BitMine. After relentless buying the company is close to its self claimed target of owning 5% of all Ethereum in e...
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