Mark Newton's precise prediction, technical strategist at Fundstrat, drove institutional purchases of Ethereum following Tuesday's crypto market drop. Newton anticipated that ETH would bottom out around $4,300 before recovering to $5,100, a projection that coincided with BitMine Immersion Technologies' acquisition of $21.3 million in ETH. The company now holds 1.72 million ETH, equivalent to 1.42% of the total supply, consolidating its position as the largest corporate holder of the cryptocurrency.
BitMine, with combined assets of $8.8 billion before the correction, has applied for a new stock issuance of $20 billion, aiming to expand its stake to 5% of the total ETH supply. Meanwhile, technical indicators such as key support at $4,067, the Ichimoku cloud, and an RSI of 54.04 support the hypothesis of a quick recovery, with resistance levels between $5,100 and $5,450.
Ethereum ETFs recorded $443 million in net inflows, vastly outpacing Bitcoin, and BlackRock has accelerated its accumulation of ETH. Despite $200 billion in liquidations in the crypto market, institutional activity indicates strategic confidence in Ethereum, although volatility remains high and risks persist.
