Ethereum (CRYPTO: ETH) price has staged a slow recovery recently, and is now nearing a crucial resistance level, as Tom Lee’s BitMine (NASDAQ:BMNR) and Wall Street investors continue buying. ETH jumped to $1,811, up by 20% from its lowest level this year.
BitMine Continues Ethereum Buying as ETF Inflows Jump
Ethereum price continued its recent recovery this week, helped by the ongoing accumulation by American investors. Data shows that spot Ethereum ETFs have added over $84 million in assets this week.
While a $84 million increase is not big, it is notable because it happened after these funds experienced net outflows for eight consecutive weeks. They are also happening even as Ethereum remains near its lowest level this year.
Tom Lee’s BitMine also continued buying Ethereum. On-chain data shows that the company bought ETH tokens worth over $35 million this week. The company has now bought close to 200k ETH coins in the last 30 days, bringing its total holdings to 5.74 million. It is slowly approaching the 6 million milestone.
Ethereum is also rising as the Crypto Fear and Greed Index moved from the extreme fear zone of 15 to the current 31. In most cases, Ethereum, Bitcoin (CRYPTO: BTC), and other cryptocurrencies rally whenever the index is rising.
Notably, the coin is rising despite the elevated volatility in the market, with fear that the US and Iran will restart the war. These fears have pushed crude oil prices higher, raising concerns about inflation.
Ethereum Price Has Formed a Double-Bottom Pattern
Technicals suggest that Ethereum may continue rising in the coming days or weeks. It has formed a double-bottom point at $1,517 and a neckline at $1,815, its highest point on June 15. This pattern often leads to more gains over time.
Ethereum has also moved slightly above the 25-day Exponential Moving Average (EMA), while the two lines of the Percentage Price Oscillator (PPO) have risen and are about to cross the zero line.
Therefore, because of the double-bottom pattern, there is a likelihood that the coin will continue rising, potentially to the psychological level of $2,000. This view will be confirmed if it jumps above the crucial resistance level of $1,817.
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