Bitmain, the world’s largest Ethereum reserve holder, said it continues to accumulate ETH and expand staking despite price adjustments. Last week it added 45,759 ETH, bringing its total to 4,371,497 ETH, about 3.62% of total supply, and the firm aims to secure 5% of supply over the long term. On-chain metrics show staking activity rising, with ETH staked surpassing 50% of cumulative issuance and roughly 3.8 million ETH in staking queues awaiting entry, while active staking remains around 30% of total supply.
Analysts say Ethereum could outpace Bitcoin in the long run, but near-term momentum hinges on reclaiming the $2,000 level. Crypto strategist Benjamin Cowen estimated Ethereum’s fair value near $2,000 as it returns to fair value, and a move above that level could shape the near-term trajectory. If Ethereum cannot reclaim $2,000, support could emerge near $1,905, with risk to $1,880 and $1,840; a breakout above $2,050 could push toward $2,150. Others note a six-year base around the $2,000 zone and warn that a break below $1,500 would challenge the long-term trend.
Alex Kuptsikevich of FxPro Senior Analyst said Ethereum remains above a six-year base around $2,000, and a clear break below $1,500 would challenge the long-term trend. Katie Stockton of Fairlead Strategies suggested that while some assets may show temporary weakness, Ethereum could eventually outperform Bitcoin, and extreme bearish sentiment could still set the stage for a bottom formation. Market dynamics also point to a need for a shift in Bitcoin dominance for a sustained rally, with altcoin momentum tied to when such a shift occurs.
Leave a Reply