Bitmine Immersion buys another 208,137 ETH worth $757.5 million.
The price of ETH continues its steady pump to break past the $4,000 target.
Institutes see the dip as a golden opportunity and continue to accumulate heavily.
With the price of Ethereum (ETH), the pioneer altcoin asset, still under the $4,000 price range, traders, whales, and institutions are taking advantage of the latest crypto market dip and accumulating ETH in high numbers. Most recently, Bitcoin Immersion bought another 208,317 ETH worth $757.5 million as ETH price trades at $,3600 and continues on its way to recovery to higher prices.
Bitcoin Immersion Buys Another 208,137 ETH
In the current phase of the ongoing bull cycle, the price of BTC has already hit a string of new ATH targets. Even with higher highs lying ahead for BTC this bull cycle, some believe the most gains have already been reaped by BTC holders and are now switching strategies to reap higher gains from holding another reputable and highly potent asset that has yet to pump significantly this bull cycle.
To highlight, the pioneer altcoin asset, Ethereum (ETH), has yet to set new ATH prices this bull cycle. In fact, the price of ETH has not even reclaimed its previous ATH price in the $4,800 region. Over the past few weeks, the price of ETH has gone as high as $3,900 and neared breaking past the $4,000 price range. However, due to a short market correction, the price of ETH fell back to the $3,400 price range.
Despite this dip, several reputed analysts confirmed that Ethereum is still highly bullish and that once ETH price breaks past the $4,000 price range, reclaims its previous ATH price and goes on to set new ATHs from the $4,900 price range and onwards, then not only will ETH go on a bullish sugre, but it could even trigger the altseason peak phase of the ongoing bull cycle. Moreover, the price of ETH is expected to hit ATH prices above $8,000 this altseason.
https://twitter.com/WhaleInsider/status/1952386215975469242
With the price of ETH currently under the $4,000 price range, several institutions have been heavily accumulating the altcoin. Most recently, the publicly traded Bitmine Immersion bought another 208,137 ETH worth $757.5 million. This brings the entity’s total ETH accumulation to $2.9 billion, making it the largest ETH holder in the world at the moment. This heavy ETH accumulation comes as no surprise with Tom Lee as the entity’s Chairman.
ETH Price Tries to Hit $4,000 Target
To elaborate, Tom Lee made multiple bullish predictions for the price of ETH this bull cycle. Most recently, he said that the price of ETH could hit a new ATH at the $15,000 price range by December this year. Last year, Lee predicted that Bitcoin would surge over $200,000 this bull cycle. While these predictions are yet to be seen, there’s no doubt that several institutions are extremely bullish on ETH at the moment.
