Bitmine: Withdraws 35,138 ETH After Dip

Bitmine and a suspected a16z address accumulated 60,698 ETH worth $101 million after yesterday's decline, pulling 35,138 ETH from Kraken and BitGo plus 25,560 ETH from Binance.

These institutional ETH purchases arrive as traders reassess ETH price prediction models during crypto market crash fears while a16z's AI industry impact continues to shape venture flows. On the 4h chart, price at $1672.9 trades below the EMA50 at $1716.12 and well under the EMA200 at $1854.04, locking in the bearish trend; the MACD death cross at -16.28 reinforces downside momentum even as neutral RSI at 38.95 leaves room for a test of lower Bollinger support near $1646.4 before any relief rally.