Price #الإيثيريوم today: $2,460
Ethereum recorded a $ETH decline of 1% over the past 24 hours, as optimists eased buying pressure.
Bitcoin mining company Bit Digital announced its plans to transition to an Ethereum treasury strategy.
Ethereum must regain the $2,500 level to prevent the bearish flag pattern from materializing.
Ethereum ($ETH ) declined by 1% over the past 24 hours, following the announcement from Bitcoin mining company ($BTC ), Bit Digital (B,TBT), on Wednesday about its shift towards an Ethereum treasury strategy.
Ethereum lost momentum despite Bit Digital's transition to an Ethereum treasury strategy.
After two consecutive days of gains following the ceasefire between Israel and Iran, optimists lost momentum, with Ethereum recording a 1% decline. The drop came as Ethereum exchange reserves rose, indicating decreased demand and a modest increase in selling pressure.
Ethereum reserve.
Despite the calm, companies continue to allocate funds to Ethereum, as Nasdaq-listed Bitcoin mining company Bit Digital revealed a critical shift to become a company focused on Ethereum deposits and treasury bonds, according to a press release issued on Wednesday.
The company announced its plans to scale back Bitcoin mining operations and redirect revenues to expand Ethereum deposit activities. Bit Digital claimed it began building its Ethereum center and deposit infrastructure in 2022, gradually expanding its Ethereum holdings.
Bit Digital also announced the launch of an initial public offering for its common shares, where the company will issue all shares and sell them directly. The company stated that the proceeds from the sale will be used to expand its holdings in Ethereum, enhancing its strategic shift towards becoming an Ethereum and treasury bond deposit platform. However, the size or timing of the offering has not been disclosed.
This move aligns with the growing trend among cryptocurrency companies towards adopting treasury bond models that allow exposure to Ethereum and other cryptocurrencies. This includes SharpLink Gaming (S,BET), which holds the largest treasury bonds in Ethereum among listed companies. The company holds a total of 188,478 Ethereum, valued at approximately $457 million at current prices.
Nasdaq-listed company BTCS also acquired 1,000 Ethereum last Friday, increasing its treasury bond holdings to 14,600 Ethereum.
Ethereum price forecast: Ethereum must reclaim $2,500 to prevent bearish indications.
Ethereum saw futures liquidations of $49.49 million during the past 24 hours, according to CoinGlass data. The total long and short liquidations amounted to $30.09 million and $19.40 million, respectively.
Ethereum briefly broke through the upper boundary of a descending channel and its 50-day exponential moving average (EMA) during the past 24 hours before facing rejection at the key $2,500 level.
Daily chart for pair #ETHUSDT
If Ethereum fails to reclaim the $2,500 level and loses support at the upper boundary of the channel, it will confirm the presence of a bearish flag pattern. This move could lead to a drop in its price below $2,100 if it fails to maintain support at the lower boundary of the symmetrical triangle pattern.
On the positive side, Ethereum must surpass the $2,500 resistance level and its 200-day simple moving average (SMA) to test the upper boundary of the symmetrical triangle, potentially the key level of $2,850.
The Relative Strength Index (RSI) and Stochastic indicators are testing their neutral levels. A rejection of this level could resume the bearish momentum, but a crossover would accelerate bullish pressure.
