• Ethereum is trading at $3,029.79, holding above key intraday support, with RSI rebounding from oversold levels.
• A reported $68.67M Ethereum purchase has sparked renewed bullish sentiment.
• MACD momentum and a reclaim of short-term moving averages hint at a potential recovery attempt.

Ethereum (ETH), the second largest cryptocurrency by market capitalisation, is still showing strength in the face of increased volatility across both markets and cryptocurrencies. Growing activity at Layer-2 and an increase in staking demand, along with a continuing momentum from developers, have resulted in ETH remaining in a strong fundamental position.

Today’s price movements are being further emphasised with news that Bitmine has completed an ETH acquisition totalling $68.67 million, which bolsters bullish sentiment. At press time, the coin is trading at $3,029.79  with a decline of 3.27% over the past 24 hours.

Institutional Accumulation Sparks Interest

According to the recent update on X by Ash Crypto, investment group Bitmine (under the leadership of Tom Lee) has made an acquisition of $68.67 million of Ethereum (ETH). When reports of large-scale accumulation occur, they tend to influence the short-term view of the markets and, therefore, the rebound that Ethereum is currently experiencing is likely the result of this influence.

Also Read: Ethereum Eyes $3,700 as Big ETH Accumulation Sparks Market Attention

ETH Reclaims Support as RSI Recovers

According to the data taken from TradingView, ETH is trading between $3,028-$3,030, having reclaimed a significant intraday support level. The relative strength index (RSI) was previously oversold but has rebounded to the 50-range, a level that indicates an increase in buying momentum.

MA & MACD Suggest a Potential Shift

The TradingView chart shows MA50 and MA200 moving averages remain above current price levels, indicating that ETH is in a longer-term downtrend. It is starting to head upward in price towards these moving averages. The MACD has turned bullish, with a positive histogram and a new signal line crossover, both are indicators of an increase in upward momentum.

In conclusion, a growing number of institutional investors are interested in purchasing shares of Ethereum, based on signs of recovery, previous highs, and supporting levels of stability. Therefore, we believe Ethereum has significant upside potential for the near future, as long as the price remains stable above the key resistance level of $3,020. As always, the crypto market remains highly volatile, and rapid shifts can occur in either direction.

Also Read: Ethereum (ETH) Surges Above $3,180 as Accumulation Strengthens