Bitmine Immersion Technologies Inc. (NYSE:BMNR) Chair Tom Lee flagged on Monday veteran trader Peter Brandt’s Ethereum (CRYPTO: ETH) analysis, hinting at the end of the second-largest cryptocurrency’s downtrend.
A Short-Term Bottom For ETH?
Brandt, a technical analyst with nearly 50 years of experience, spotted Ethereum forming a short-term bottom at a “historical” long-term support level, around the $1,800–$2,200 area.
Quoting the analysis, Lee said, “Peter is known for his patience and discipline. To me, its signal that he is highlighting ETH.”
What Are The Signals To Watch?
Ali Martinez, another well-known cryptocurrency trader and commentator, had something similar to say.
“Ethereum just signaled the end of the downtrend,” Martinez stated. “We’ve survived the grind from September to March. The next key levels to watch are $2,400 and $2,600.”
Martinez interpreted reclaiming $2,200 as support as a key milestone, with the SuperTrend indicator—a tool used for identifying market trends and potential entry and exit points—switching from “Sell” to “Buy.” The last two times it happened, ETH moved by 52% and 174%, respectively.
BitMine Loads Up On ETH
This bullish outlook coincided with ETH’s spike to $2,380, its highest in six weeks. Over $200 million in ETH shorts were liquidated from the market over the last 24 hours.
Meanwhile, BitMine disclosed its largest Ethereum purchase this year, acquiring 60,999 ETH last week. This purchase, worth nearly $143 million at current prices, increased BitMine’s total holdings to 4,595,562 ETH, representing 3.81% of the total Ethereum supply.
Price Action: At the time of writing, ETH was exchanging hands at $2,357, up 8.37% in the last 24 hours, according to data from Benzinga Pro.
BitMine shares rose 1.58% after-hours after closing 13.88% higher at $23.39 during Monday’s regular trading session.
Despite high Momentum ranking in Benzinga’s Edge Stock Rankings, BMNR showed weak price trends across short, medium, and long terms.
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