• Ethereum gains institutional backing after BitMine’s $1.5 billion purchase, showing massive market confidence.
• The token breaks out of a long-term descending resistance line, confirming a strong bullish reversal.
• Analysts project a potential move toward $8,022, aligning with technical breakout patterns.

Ethereum (ETH) has captured market attention as it continues its impressive upward trajectory, fueled by renewed investor confidence. Over the past 24 hours, ETH has climbed nearly 2.71%, adding to a 1.22% surge over the last week.

At the moment, ETH trades at $3,983.03 with a 24-hour trading volume of $28.86 billion, marking a slight 10.78% dip in activity with a total market capitalization of $469.26 billion. Despite the temporary slowdown in volume, the overall trend remains overwhelmingly positive as market participants anticipate further upside.

Source: CoinMarketCap

Ethereum Dominates After BitMine’s $1.5 Billion Investment

A prominent crypto analyst, Torax, highlighted that BitMine made headlines as it purchased $1.5 billion worth of Ethereum, indicating strong institutional buying in the face of market fluctuations. The aggressive purchase, close to 379,000 ETH, is its entry into mining for strategic treasury accumulation. The Chairperson, Tom Lee, referred to the recent sell-off as a rare buying chance.

Still, Lee cautioned against an emerging treasury bubble in crypto companies trading at below-asset value, advising against passive holding. His position makes it clear that only companies that build true utility will survive. The strategy of BitMine presents a contradictory double signal: a market alert, yet absolute belief that Ethereum underpins the next crypto growth cycle.

Also Read: Ethereum Surges After Bitmine Purchase Eyes $5,000 Price Target

Ethereum Breakout Pattern Could Ignite Move to $8,000

Moreover, the crypto analyst, Don, revealed that the chart indicates that Ethereum (ETH) has broken out of long-term downtrending resistance, which can be a sign of entering a strong bull market. The blue pattern represents a bull flag, which is indicative of a short-term correction following the big rally. This is in line with the inset diagram that depicts uptrend, sideways movement, and breakout continuation.

Source: X

The jump above the orange trendline and continuous support by the white rising line enhance the bull thesis. The chart highlights an $8,022 target, estimated on the measured move of the flag. In case the jump remains above $4,000, the move upwards towards the $8,000 area becomes increasingly probable in the mid-term.

Ethereum Technical Outlook Hints at Strong Upside

Ethereum (ETH) is displaying initial signs of a bull revival trend. The price is probing the middle Bollinger Band ($3,884) and gradually heading toward the upper band around $4,017. A heavy breakout over $4,017 has the potential to create more upside motion toward the $4,100–$4,200 resistance area.

Source: TradingView

The MACD line broke above the signal line, reflecting increased bull pressure and resumed market interests. The RSI is at 55.48, reflecting increasing purchasing pressure; however, the overbought boundary remains in the vicinity. As a whole, there is positivity and increasing potential, yet an absolute breakout above $4,000 is essential.

Also Read: Ethereum Trust Raises $1 Billion for Institutional Crypto Investment: Report