Ethereum price bulls target $4k as BitMine accumulation accelerates

Ethereum price holds an ascending trendline as BitMine and long-term whales accumulate, ETF flows flip positive, and bulls target a potential move toward the $4,000 level.

Ethereum price could reach higher price levels as long-term holders including BitMine continue to accumulate the cryptocurrency, according to technical analysis and market data.

Ethereum price

The digital asset has maintained its position above an ascending trendline established in May, connecting price lows from June, November, and December. Market analysts have identified this pattern as a potential indicator of continued upward movement, according to industry reports.

Technical indicators show a bullish divergence pattern on Ethereum’s price chart. The Moving Average Convergence Divergence (MACD) indicator is approaching the zero line, while the Relative Strength Index (RSI) is rising above neutral levels, suggesting potential for further gains toward the $4,000 target, according to technical analysts.

The outlook faces downside risks if Ethereum falls below the ascending trendline, which could signal a shift in market sentiment and lead to further price declines, analysts noted.

BitMine has increased its Ethereum holdings substantially over the past 30 days, bringing its total position to what the company describes as the largest in the industry. Long-term holder addresses controlling large amounts of Ethereum now hold a significant portion of the total supply, with accumulation increasing since late December, according to blockchain data.

Market observers have cited Ethereum’s growing role in tokenization of real-world assets and expansion in payment systems as factors that could support long-term price appreciation.

Ethereum exchange-traded fund flows have recently shifted from net outflows to net inflows, indicating renewed interest from institutional investors, according to fund flow data. The reversal in ETF flows marks a change in investor sentiment that could provide additional support for price gains.

The cryptocurrency’s near-term price trajectory depends on maintaining key support levels, with technical indicators and accumulation patterns suggesting potential for further gains, analysts said.