Ethereum Price Hits 6-Week High as BitMine Reveals Latest ETH Buy
Crypto news outlet Decrypt reported that the publicly traded Ethereum treasury firm BitMine Immersion Technologies continued to accumulate more ETH amid the cryptocurrency's climb to $2,300 for the first time in 6 weeks.
According to the source, BitMine is a publicly traded company that manages Ethereum's cryptocurrency assets. Based on recent financial reports, the firm continues to regularly acquire new ETH volumes, expecting further growth of the cryptocurrency in the long run.
Such actions by BitMine may indicate positive expectations for Ethereum from major market players. Leading crypto analyst Tom Lee of Fundstrat Global Advisors previously predicted that the ETH price could rise to $10,000 by the end of 2022 amid the development of the Ethereum ecosystem and the implementation of Ethereum 2.0 technology.
From a technical point of view, the bullish trend of Ethereum seems to be gaining strength: the cryptocurrency has returned above the $2,300 mark, overcoming an important resistance level. If the bulls manage to consolidate above this level, the next target may be the $2,500-$2,600 area.
In general, the activity of large market players like BitMine, who are increasing their positions in ETH, is a positive signal for the entire cryptocurrency community. This indicates the persistent interest of institutional investors in Ethereum and its long-term prospects.