Ethereum has recovered 20% from its low for the year and is testing a resistance level near $1,817, driven by renewed buying from Tom Lee’s BitMine and Wall Street. Spot Ethereum ETFs added assets this week after eight straight weeks of outflows, and technicals point to a possible push toward $2,000.
Ethereum climbed to $1,811, up 20% from its lowest level this year, and now sits just below a resistance level that could decide its next move. The recovery has tracked ongoing accumulation by Tom Lee’s BitMine and other American investors.
BitMine keeps adding ETH
On-chain data shows BitMine bought ETH worth over $35 million this week. The company has purchased close to 200,000 ETH over the past 30 days, lifting total holdings to 5.74 million and edging toward the 6 million mark.
Wall Street demand reinforced that buying. Spot Ethereum ETFs added over $84 million in assets this week, a modest figure on its own. But it stands out because it followed net outflows for eight consecutive weeks, and it arrived while Ethereum remained near its lowest level of the year.
Sentiment has turned alongside the price. The Crypto Fear and Greed Index moved from extreme fear at 15 to 31, and Ethereum, Bitcoin, and other coins often rally when that gauge rises. The move held despite elevated volatility tied to fears that the US and Iran will restart the war, which pushed crude oil prices higher and raised concerns about inflation.
A double-bottom points higher
Technicals suggest the recovery may extend in the coming days or weeks. Ethereum has formed a double-bottom at $1,517 with a neckline at $1,815, its highest point on June 15, a pattern that often leads to further gains.
The coin has also edged above its 25-day Exponential Moving Average, while the two lines of the Percentage Price Oscillator have risen toward the zero line. Because of the double-bottom, there is a likelihood Ethereum continues rising toward the psychological level of $2,000, a view that would be confirmed by a break above the resistance at $1,817.
Source: Benzinga
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