BitMine's Ethereum Empire Grows Amid Market Swings: ETH Price Analysis & Strategy

By adding 373,000 ETH, BitMine Immersion Technologies has increased its holdings of Ethereum (ETH) to around 1.52 million ETH (worth about $6.6 billion), therefore making it the biggest corporate ETH holder with control over around 1.3% of the supply in circulation. Despite a recent 14% drop in its stock price in light of market instability, BitMine's "alchemy of 5%" strategy aims to finally own 5% of all Ethereum. With its role in next-generation finance and artificial intelligence, the business notes increasing institutional interest in Ethereum and intends to use its ETH treasury for passive income in the future; meanwhile, it retains these assets in a highly liquid form.

ETHUSD showed a minor pullback after four days of sell-off. It hits an intraday low of $4195 and is currently trading around $4306. Overall trend remains bullish  as long as support $3500 remains intact. Watch out for $4500, any break above targets $4770/$5000/$6000. A robust bullish trend will only materialize above $5000.

Immediate support is around $4200. Any violation below will drag the price down to $3950/$3700/$3550/$3500/$3380/$3200/$3000. A breach below $3000 could see Ethereum plummet to $2770/$2500.

It is good to buy on dips around $4200 with SL around $3900 for a TP of $5000/$6000.