Ethereum (ETH) is consolidating above $2,300 but faces potential short-term downside risk due to fading buying pressure. Market analysts warn that a breach of this support could push prices toward the $2,150–$2,200 range. Meanwhile, the crypto-focused firm BitMine holds over 3.58 million ETH worth approximately $8.35 billion, with the majority actively staked for yield.
Ethereum (ETH) is moving in an upward consolidation phase as the general crypto market trend turns. According to CoinMarketCap, ETH was trading at $2,324.88 on Friday, April 24, with a market capitalization of $280.5 billion.
Crypto analyst Ted highlighted that ETH is struggling to maintain momentum above the key $2,300 support zone. “Spot demand has started to fade, signaling reduced accumulation at current levels,” the analyst noted.
This loss of conviction suggests the market is losing bullish energy, increasing short-term downside pressure. If Ethereum fails to hold the $2,300 level, the next target range is between $2,150 and $2,200.
Separately, the Ethereum strategy employed by BitMine, Tom Lee’s startup, has significantly expanded. According to crypto analyst Crypto Patel, the firm acquired an additional 100,000 ETH via new wallets linked to BitGo custody.
The total investment by the company now amounts to 3.58 million ETH, estimated to be worth $8.35 billion. Over 72% of these assets are actively staked, aiming to generate returns.
This positions BitMine as one of the largest Ethereum treasuries globally. Its continued investment amid market fluctuations demonstrates confidence in Ethereum’s long-term prospects.
