Ethereum Price and Market Trends
Ethereum (ETH) price is around $3,230 today. Market data shows a recovery in Net Taker Volume on Binance. This metric tracks the net buying and selling of ETH with market orders.
The Net Taker Volume moved from about -$500 million in October to -$138 million now. Although still negative, this change suggests fewer sellers and more taker buyers. CryptoQuant contributor Maartunn said this shift could lead to upward price movement.
BitMine Increases Ethereum Purchases
BitMine, an Ethereum treasury, is buying more ETH. Thomas Lee, BitMine’s chairman, said the company believes ETH has reached its bottom. He shared this on the Farokh radio podcast.
Lee stated, “Compared to two weeks ago, the amount of Ethereum we’re buying is more than double.”
According to smart money tracker EmberCN and data from Arkham, BitMine bought 33,504 ETH on Wednesday through FalconX. BitMine has not yet confirmed this purchase.
Last week, BitMine acquired 138,452 ETH. This raised its holdings to 3.86 million ETH. The company also reported $1 billion in cash reserves. BitMine plans to buy 5% of Ethereum’s circulating supply.
Ethereum Price Outlook and Key Levels
Ethereum saw $134.8 million in liquidations over the past 24 hours. Long positions accounted for $105.4 million, according to Coinglass.
ETH price bounced near the $3,100 support. It faced resistance near $3,470, close to the 200-day and 100-day Exponential Moving Averages (EMAs). The 50-day EMA has also been a strong barrier.
A clear close above $3,470 and the EMAs could push ETH toward $3,800. If it breaks that, the next target is $4,100. On the downside, $3,100 and the 20-day EMA may hold as support. Further support lies at $2,850 if prices fall below $3,100.
Technical indicators like the Relative Strength Index (RSI) and Stochastic Oscillator show weakening bullish momentum despite staying above neutral levels.
