Ethereum (ETH) recorded massive selling pressure over the past few days amid a broader crypto market selloff.
In this light, ETH price surged more than 2% at the time of writing, and hovered near the $3,900 mark.
However, it appears that corporations are actively betting on the asset, indicating their long-term confidence in the asset.
For context, Bitmine has continued to bet on the second-largest crypto by market, with the latest accumulation recorded today.
As the Ethereum ETF momentum faded this week, it seems that the corporations are shifting towards the buy-the-dip strategy.
Besides, several market pundits have shared an optimistic outlook for the ETH price, hinting at a potential rally to $5,000.
So, here we explore the latest developments in the Ethereum market and see what may lie ahead for the coin.
Ethereum (ETH) Price Soars as Bitmine Bags ETH
Ethereum price has recorded a surge of over 2% today and exchanged hands at $3,895 at the time of writing.
The crypto has touched a 24-hour high and low of $3,900 and $3,807, respectively, and its trading volume fell 42% to $23 billion.
Despite the recent surge, the crypto has lost nearly 1.5% over the last seven days, while witnessing a plunge of 13% in the monthly chart.
The dip could be attributed to the broader crypto market crash, which has wiped out much of the gains from the digital assets.
Notably, the latest surge could be attributed to the soaring corporate interest in the ETH price.
According to Lookonchain data, the ETH treasury firm Bitmine has continued to put its bet on the Ethereum price.
According to the latest report, Bitmine has spent $29.27 million to purchase 7,660 ETH. This indicates that the firm is confident in the potential future movements of the altcoin.
However, this also comes amid a waning institutional interest in the asset. According to the latest data from Farside Investors, the US Spot Ethereum ETF has recorded a combined inflow of just $16 million this week.
On October 31, the investment instrument saw an outflow of $98.2 million, followed by the outflows of $184.2 million and $81.4 million in the previous two days.
Can ETH Price Hit $5,000?
Amid the surge in ETH price, analysts have shared an optimistic outlook on the potential future movements of the coin. Most of the experts are even suggesting an Ethereum price surge to $5,000.
Commenting on the soaring corporate interests in ETH, analyst Ted has lauded Bitmine’s latest move. He noted that Bitmine is consistently buying $200-$300 million in Ethereum every week.
Having said that, he noted that if more corporates enter the market, it could help in a strong rally in Ethereum price. In a separate post, he said that the $3,800 mark is a key support for ETH.
However, if the ETHEREUM (ETH) price reclaims the support at $4,000, it could pave the way for a major upside to $4,900.
The post Can Ethereum (ETH) Price Hit $5k as Bitmine Bets Another $29M in ETH? appeared first on The Coin Republic.
