• Ethereum gains institutional confidence as BitMine executes a $135 million ETH purchase.
• Experts compare current consolidation to Ethereum’s 2020 accumulation phase before its breakout rally.
• Analysts predict ETH could target $40,000 to $50,000 in the next market cycle if the fractal pattern continues.

Ethereum (ETH) is currently in a consolidation phase, continuing to struggle as bearish momentum dominates the market. Over the last 24 hours, the token has dropped by nearly 4.8%, reflecting heightened selling pressure and investor caution. Moreover, on the weekly timeframe, ETH is also down by 1.95%, signaling a sustained period of weakness.

At the time of writing, ETH is trading at $3,784.27, showing a noticeable dip in its value. Despite the price decline, trading activity has picked up, with a 24-hour volume of $45.67 billion, marking a 31.17% rise and indicating increased participation. Its market capitalization stands at $456.65  billion.

Source: CoinMarketCap

Ethereum Shines After BitMine’s $135 Million Purchase

A prominent crypto analyst, Ted, noted that BitMine drew attention today after securing $135.16 million in Ethereum, signaling firm institutional confidence in the asset. The sizable buy quickly energized traders, viewed as a bullish move before upcoming network advancements. Market watchers believe BitMine is positioning early for long-term growth in decentralized finance and blockchain tech.

Source: X

Meanwhile, analyst Tom Lee resurfaced as a favorite topic among crypto traders. Many joked he’s “single-handedly holding up the Ethereum price,” referencing his consistent bullish outlook. Whether coincidence or influence, ETH’s steady price after the purchase only strengthened the meme and boosted retail sentiment.

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Ethereum’s Bullish Fractal Signals Rally to $50,000

Moreover, the crypto analyst, Merlijn The Trader, highlighted that the price trend of Ethereum has entered an identical state to the one it witnessed in 2020 during the COVID era, where the price candles were very slow with low volatility in the market. Such an atmosphere can be the calm before the storm in the market.

This fractal shows not only two major areas where consolidation took place but also major areas where accumulation took place. Retail traders are getting impatient because volatility is decreasing, while larger holders are calmly positioning themselves. Such periods in crypto have always indicated a breakout in the upside direction before.

Source: X

If this pattern continues, it would appear that Ethereum is close to experiencing another rare breakout point in the cycle. The projection would indicate that there would be a dramatic climb towards the mid $40,000s, possibly even reaching close to $50,000 in the ongoing cycle

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