Bitmine: Buys 40,000 ETH for $94.68M

Blockchain tracker Lookonchain reports that Bitmine, associated with Tom Lee of Fundstrat, acquired another 40,000 ETH valued at $94.68M just eight hours ago, fueling speculation on institutional plays in the Ethereum market as BTC dominance wanes and ETH price prediction models point to upside.

On the 4-hour ETH chart, price action holds firm in a bullish structure, grinding above the EMA50 at $2330.28 and well clear of the EMA200 support at $2265.02. MACD screams bullish with a golden cross at 17.72, while RSI at 58.13 stays neutral, avoiding overbought traps. Volatility squeezes inside Bollinger Bands, testing upper resistance at $2404.3—expect a quick probe there before any pullback to lower support at $2296.01, aligning with broader crypto market crash recovery narratives and potential AI industry impact on layer-2 scaling.