After a volatile stretch that briefly pushed it below $3,900, Ethereum is now holding steady near $4,100 as corporate accumulation provides support.
Summary
- Ethereum price is holding near $4,130, down 1.6% in the past 24 hours.
- The asset staged a mild recovery after briefly dipping below $3,900 last week.
- BitMine purchased over 51,000 ETH worth $213 million today, following a $127 million acquisition just a day ago.
- Ethereum remains in a short-term descending channel, with $4,100 as key support and $4,330 as resistance at the 30-day SMA.
Ethereum price at press time is hovering around $4,130, down about 1.6% over the past 24 hours, according to market data from crypto.news. Following a multi-week decline that briefly pushed the token below $3,900, modest gains in recent days have helped the second-largest crypto asset stage a mild recovery.
Though still in the red for the week and month, ETH (ETH) is now holding above the $4,100 mark, fueling expectations that it may be on track to retest its recent highs.
Among several factors keeping Ethereum firm is strong corporate accumulation. BitMine, the largest corporate holder of ETH, has been on a buying streak, adding around 51,255 ETH valued at about $213 million earlier today.
The move came less than 24 hours after another large-scale purchase, when on-chain trackers spotlighted BitMine-linked wallets acquiring over 30,000 ETH valued at about $127 million.
BitMine is not the only corporate treasury adding weight to Ethereum’s support levels. BitDigital also stepped up this week, announcing a $100 million convertible note offering aimed at boosting its ETH reserves.
These aggressive bets from corporate treasuries have reinforced price stability for Ethereum, now raising the question of whether they can provide the momentum needed for a stronger recovery.
Ethereum price outlook: Can $4,100 hold?
The daily chart shows ETH trading inside a short-term descending channel, with $4,100 acting as the immediate support. Price has bounced off this level twice, but the 30-day SMA, now near $4,330, continues to cap the upside.
Ethereum price chart | Source: TradingViewMomentum signals remain weak. The relative strength index (RSI) is hovering around 44, suggesting that while selling pressure has cooled, buyers have yet to show conviction for a sustained breakout. If ETH holds above $4,100, a push toward the upper boundary of the channel near $4,250–$4,300 is likely.
A clean break above the SMA would shift momentum in favor of buyers and open the path toward $4,500. On the flip side, a close below $4,100 could invite more selling pressure, with the next downside target at $3,900.
Source: https://crypto.news/can-ethereum-price-stay-above-4100-after-bitmines-213m-buy/
