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Bitunix Analyst: ETH Rises to 4600 Driven by Increased Holdings, Approaching Historical Supply Zone; Focus on 4650–4900 Resistance, Risk Control Needed for Operations
Summary: According to reports, Bitmine plans to raise up to $20 billion to increase its holdings of Ethereum, aiming to hold 5% of the circulating supply, boosting market sentiment. ETH has surged to around 4600, testing the historical supply zone of 4650–4900 overlapping with the high point of 2021; the previous high liquidity level of 4200 ...
According to reports, Bitmine plans to raise up to $20 billion to increase its holdings of Ethereum, aiming to hold 5% of the circulating supply, boosting market sentiment. ETH has surged to around 4600, testing the historical supply zone of 4650–4900 overlapping with the high point of 2021; the previous high liquidity level of 4200 has been broken and turned into support, with structural support below at 3300. Bitunix analysts suggest that Bitmine's increased holdings plan is a long-term capital commitment that positively impacts the supply-demand structure, but this is a medium- to long-term factor that cannot change the short-term market pressure in the historical supply zone. At the same time, an increase in institutional holdings will increase liquidity concentration, amplifying gains in a bull market but also intensifying declines during pullbacks. It is important to note that the market may react with buying expectations and selling facts, so it is not advisable to chase highs based solely on bullish factors. Currently, the price is approaching the historical supply zone and derivative leverage is overheated. Although the long-term bullish logic remains unchanged, short-term pressure includes both supply walls and overheated leverage.
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Link: Bitunix Analyst: ETH Rises to 4600 Driven by Increased Holdings, Approaching Historical Supply Zone; Focus on 4650–4900 Resistance, Risk Control Needed for Operations [Copy]
