Ethereum Price Recap: Supporters Maintain $4,400 Level While Traders Anticipate Potential Surge to $5,000
In the world of cryptocurrency, Ethereum (ETH) continues to hold a significant position, with its price trading around $4,495 as of today. The digital asset has been moving within a range of $4,100 to $4,800, a trend that has been persistent for some time.
One of the key players in the Ethereum market is BitMine Immersion Technologies, a company that has shown increased activity recently. BitMine has accumulated over 190,500 ETH, bringing their total holdings to approximately 1.71 million ETH. This massive accumulation, valued at nearly 7.9 billion USD, has placed BitMine among the largest Ethereum holders. The company has expressed plans to acquire up to 5% of the total Ethereum supply.
The overall sentiment in the Ethereum market remains cautiously bullish, with many traders still targeting a $5K breakout. However, the lack of strong follow-through has kept Ethereum trapped within its current range, a situation that has made trading quite choppy. Each price move in this range has been quickly faded, a trend that suggests market makers are actively hunting stops on both sides.
The $4,400 level has emerged as a key short-term support zone for Ethereum, as identified by Daan Crypto Trades. If the price were to fall below this level, analysts are watching $4,100 as the next downside target. On the other hand, the $4,868 level has been acting as a significant resistance, with bulls aiming for a breakout above this level and towards the coveted $5K mark.
The coming FOMC event could potentially be the catalyst that drives the price outside the current range. Traders are waiting with bated breath for clarity from today's decision, hoping for a directional move in the Ethereum market.
Despite the volatility, the market for Ethereum has shown resilience, with volume spikes aligning with price jumps. This indicates that demand near support zones is still present, a factor that could contribute to a potential rebound if the price were to dip.
Buying activity continues from BitMine, though accumulation has slowed slightly as mNAV cools. BitMine's steady accumulation keeps bids active near key support zones, a factor that could help stabilise the price in the event of a market downturn.
Support remains near $4,442, while the old all-time high of $4,868 continues to act as the ceiling. The 4H 200MA also aligns with the $4,400 level, making it a significant zone for many traders. The price is currently above the 4H 200EMA and 200MA, keeping the larger structure bullish as long as it holds.
In conclusion, while the Ethereum market remains volatile, the bullish sentiment remains, with many traders still targeting a $5K breakout. The upcoming FOMC decision could potentially provide the catalyst needed to drive the price outside the current range. Until then, traders are advised to exercise caution and carefully monitor the market for any signs of a significant move.
