TLDR
- Technical analysis reveals Ethereum completed corrective waves and may enter impulsive wave five, targeting $7,000-$8,000 price levels.
- BitMine Immersion Technologies bought 379,271 ETH worth $1.5 billion across three transactions since the market crash.
- Company now controls 3.03 million ETH, representing 2.5% of total supply, valued at over $12 billion.
- Tom Lee projects $10,000-$12,000 by end of 2025 while Arthur Hayes sees potential for $10,000 to $20,000.
- December’s Fusaka upgrade expected to enhance throughput, with analysts forecasting $7,000-$9,300 range if successful.
Ethereum’s price action has formed a bullish Elliott Wave pattern following recent market volatility. Technical analyst Ash Crypto identified this structure, suggesting the asset may be positioning for a substantial upward move.
The analysis indicates Ethereum finished its corrective waves and could now begin impulsive wave five. This phase typically marks the final and most powerful leg of a rally. Technical projections place potential targets between $7,000 and $8,000.
Price charts show Ethereum’s C-wave correction ended between $3,550 and $4,000, where support has held steady. Resistance exists near $4,750 to $5,000 after multiple tests. A decisive break above this zone would confirm the fifth wave sequence and could open the path to new all-time highs.
Major Institutional Buying Activity
BitMine Immersion Technologies executed three large purchases totaling 379,271 ETH since the recent market downturn. The transactions included 202,037 ETH immediately after the crash, 104,336 ETH mid-week, and 72,898 ETH over the weekend.
Blockchain data from wallet movements on Kraken and BitGo tracked these acquisitions. The company’s total holdings now stand at 3.03 million ETH, approximately 2.5% of circulating supply. At current prices, this position is valued above $12 billion.
BitMine began building its Ethereum position in July when prices traded around $2,500. The company targets 5% of total supply and is already halfway to that goal.
Chairman Tom Lee characterizes these purchases as strategic long-term investments. He maintains a price forecast of $10,000 to $12,000 for Ethereum by late 2025.
Lee points to several supporting factors including possible Federal Reserve rate reductions, growth in tokenized finance infrastructure, and solid network fundamentals. He told ARK Invest’s Cathie Wood that Ethereum could overtake Bitcoin similar to how equities surpassed gold after 1971.
Lee also noted that many digital asset treasury companies now trade below net asset value, meaning their stock prices fall below the value of their crypto holdings.
Price Targets and Technical Outlook
Former BitMEX CEO Arthur Hayes continues his bullish stance on Ethereum. During an October podcast, Hayes reiterated his $10,000 price target and suggested the asset could reach $20,000 this cycle.
Hayes views recent market choppiness as temporary noise within a broader uptrend. He compares Ethereum to Nvidia or AWS as computational infrastructure for artificial intelligence, decentralized finance, and tokenized settlements.
The upcoming Fusaka upgrade in December aims to improve transaction speed and efficiency. Analysts expect this enhancement could push prices toward $7,000 to $9,300 if implementation succeeds.
Institutional investment through ETFs and custodial services continues expanding Ethereum’s investor base. The asset has maintained its upward trend and held key technical support levels despite some earlier outflows.
Current Market Position
Ethereum currently trades near $4,000. A rally to $7,000 would represent a 70% gain from present levels. This magnitude aligns with previous bull market moves.
Tom Lee told CNBC that investors are recovering from the recent liquidation event. He mentioned “gold envy” as that asset class performed strongly this year. Lee observed that leveraged long positions in crypto sit near historic lows, suggesting the market has found a bottom.
The crypto market remains 15% below its October 7 peak. BitMine’s aggressive accumulation demonstrates institutional confidence despite short-term volatility. The company started its Ethereum buying program just months ago and has rapidly become the largest corporate holder.
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