Summary
- "Cointelegraph noted that as traditional financial institutions intensify their accumulation of Ethereum (ETH), there is a growing possibility for ETH’s price to recover to $2,800."
- "The expansion of ETH accumulation by traditional companies such as BitMine Immersion Technologies, Bit Digital, and SharpLink is leading to increased institutional demand, which is a positive signal for ETH’s strengthening."
- "It was analyzed that if ETH breaks above the 50-day simple moving average at $2,529 and closes the daily candle above it, a short-term uptrend could continue. However, if it fails to break through, the price could fall to as low as $2,111."
On the 3rd (local time), cryptocurrency-specialized media outlet Cointelegraph reported that as traditional financial institutions increase their accumulation of Ethereum (ETH), the likelihood of ETH recovering to $2,800 is growing.
The outlet stated, "Recently, major Bitcoin (BTC) mining companies such as BitMine Immersion Technologies and Bit Digital have started purchasing ETH, and the sports betting company SharpLink has also joined the ranks of ETH holders," adding, "The expanding accumulation of ETH by traditional companies is leading to increased institutional demand, which is a positive sign for Ethereum's bullish trend."
Additionally, it said, "From a technical perspective, if ETH successfully closes the daily candle above the 50-day simple moving average at $2,529, a short-term uptrend may continue. However, selling pressure in this range is also expected to be quite strong, and if ETH fails to break through and turns bearish, the price could fall to $2,111."
Meanwhile, as of 03:12 on the 4th, in the Binance Tether (USDT) market, ETH is trading at $2,579.75, up 0.43% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
