- Ethereum is testing lower support at $3,871, suggesting a possible bullish rebound.
- Institutional interest in Ethereum surged with Bitmine’s $479M purchase after a market crash.
- Ethereum’s price action mirrors the 2016–2017 fractal, signaling a potential long-term rally.
Bitmine has acquired over $479.8 million worth of Ethereum (ETH) after the latest market correction. Data from FalconX and Kraken wallets reveal several high-value transactions totaling thousands of ETH transferred within the last 24 hours.
Despite broader bearish sentiment, these transactions indicate that institutional investors view the current price range as a buying opportunity. “Institutions are not scared to buy Ethereum,” said TedPillows, reinforcing that professional traders appear to anticipate long-term growth.
Ali Martinez Spots Channel Pattern on Ethereum Chart
Ethereum trading within a descending channel pattern on the Binance 1-day chart. The setup reveals consistent rejections at the upper resistance and rebounds from the lower support boundary.
At press time, ETH trades around $3,871, positioning near a critical support level. Martinez noted that this area could provide a platform for a short-term upward move.
He explained that the pattern’s structure often signals a potential breakout toward the mid-channel range. The next sessions could therefore determine whether Ethereum sustains support and begins a gradual recovery trend.
Fractal Pattern Points to Possible Long-Term Upside
Another perspective came from Merlijn The Trader, who compared Ethereum’s current chart to its 2016–2017 fractal. The comparison suggests that Ethereum’s present cycle resembles the early stages of its last historic rally.
In 2017, Ethereum experienced a rapid price increase that reshaped market sentiment. Merlijn stated, “I hope we’re here because the last time this fractal played out, Ethereum rewrote market history.” His analysis suggests that if the current trend persists, Ethereum could enter a strong upward phase between 2024 and 2025.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
