Ethereum signals resilience as its price gains to near $4,500, with institutional interest surging as the ETH “microstrategy” firm Bitmine Immersion Technologies bolstered its crypto treasury.
With whale accumulation and technical support levels pointing to potential upside, traders are eyeing a recovery above $4,500.
The top altcoin reached an all-time high near $5,000 in August. But what’s the outlook today?
Bitmine, dubbed the “Ethereum MicroStrategy,” continues to double down on ETH, and its move has helped keep the token’s price above $4k.
On Thursday, On-Chain data showed the company had added to its ETH haul, with an additional 80,325 ETH worth over $358 million.
The coins came from Galaxy Digital and FalconX and pushed Bitmine’s total holdings of the altcoin to a staggering 1,947,299 ETH.
Bitmine has accumulated over $8.69 billion worth of ETH, bringing its purchases to about 1.44% of Ethereum’s total supply.
It means the company surpasses the holdings of SharpLink Gaming, the second-largest corporate ETH holder, by more than double.
Bets on Ethereum’s long-term value, including across staking opportunities and ETFs, have analysts predicting ETH price at $10k by end of year.
Ethereum’s price action in the past month has included swings to highs of $4,946 and lows of $4,200.
As well as the treasury asset trend and spot ETF inflows, bulls have shown resilience amid multiple tokenized stocks launches on Ethereum.
Among them is Trust Wallet, integrating tokenized US stocks and Ondo Finance, bringing over 100 tokenized US stocks and ETFs to investors.
On-chain data supports the bullish case, with whale accumulation and reduced exchange reserves signaling confidence in Ethereum’s fundamentals, despite seasonal volatility risks in September.
The Ethereum Validator Queue shows over 833,141 ETH is awaiting the staking queue, with this amount of fresh staking surpassing that exiting the queue.
Analysts at Glassnode have noted:
“In August, ETH’s biggest holders moved in opposite directions. Mega whales (10k+ $ETH) drove the rally with net inflows peaking at +2.2M $ETH (30d), but their accumulation has now paused. Meanwhile, large whales (1k–10k $ETH), after weeks of distribution, are back in accumulation at +411k $ETH (30d).”
These moves and the broader sentiment suggest buyers are not done yet.
A decisive daily close above $4,500 will allow bulls to retest its all-time high at $4,946.
However, profit taking and overall risk assets weakness could allow sellers a route to support at $4,200 and $4,000.
The post Ethereum eyes gains above $4,500 as whales ramp up ETH accumulation appeared first on CoinJournal.
Also read: Bitcoin Price Watch: BTC Holds the Line at $110.5K—Is a Rally Imminent?
