Ethereum Price Prediction: BitMine Ignored the Pullback and Bought 190,000 ETH, Short Positions Testing $4,500 Support

Ethereum (ETH) has experienced a big dump of 8% in the past 24 hours after reaching a historical high of $4,956, currently reported at around $4,400 on August 26, testing the critical support level of $4,500. Despite the price drop, on-chain data shows that BitMine is significantly increasing its holdings of ETH with a major Bitcoin whale, and the market still holds bullish expectations for the medium to long-term trend.

BitMine purchases 190,000 ETH, inventory exceeds 8.8 billion dollars

According to the announcement on August 25, BitMine Immersion, headquartered in Nevada, acquired 190,500 ETH last week, increasing its ETH reserves to 1.7 million coins, with a total value of over $8.8 billion.

Asset structure: 1.7 million ETH, 192 BTC, 562 million USD in cash

Chairman Thomas Lee stated: "Ethereum is one of the largest macro trades in the next 10–15 years."

The company's net asset value (NAV) per share of crypto assets and cash has increased by over 70% in the past month, reaching $39.84.

The investors behind BitMine include Peter Thiel's Founders Fund, ARK Invest, and Galaxy Digital, and this June, they shifted their treasury asset focus towards ETH.

Bitcoin whale sells BTC for Ether

The on-chain tracking platform Lookonchain shows that a Bitcoin whale holding 100,784 BTC (approximately $11.4 billion) reduced its holdings by 22,769 BTC (approximately $2.59 billion) last week and purchased 472,920 ETH (approximately $2.22 billion).

The whale holds 135,265 ETH long contracts on Hyperliquid.

Closed 95,053 ETH long positions at an average price of $4,735, making a profit of $33 million.

Subsequently, bought 23,575 ETH in spot (approximately 108 million USD)

Glassnode analysts point out that this kind of capital rotation fits the historical characteristics of the late stage of a crypto bull market, with BTC dominance dropping from 60% to 57%.

ETH Price Technical Analysis: $4,500 Support Becomes Key

(Source: Trading View)

According to Coinglass data, the ETH futures liquidation amount in the past 24 hours reached 277 million USD, of which long liquidations amounted to 242 million USD.

Current support level: $4,500 (14-day EMA)

Downside risk: If it breaks down, it may test the support level of 4,100–4,000 USD (78.6% Fibonacci retracement level)

Upward condition: If it stabilizes above 5,000 USD, it will confirm a bullish triangle flag pattern, target 6,000 USD.

Technical Indicators:

RSI failed to break through the moving average, showing a downward trend.

The Stochastic Oscillator (Stoch) has fallen below the neutral level, indicating a weakening bullish momentum.

Analyst Views and Market Expectations

QCP Capital stated in a report on Monday that the behavior of whales accumulating ETH reinforces market expectations that "ETH will outperform the market." If the ETH staking ETF is approved later this year, it will further drive this trend.

Conclusion and Price Prediction

In the short term, the trend of ETH depends on whether the support level of 4,500 USD can hold.

Bullish scenario: Hold the support → Return to $5,000 → Target $6,000

Bearish scenario: Break below support → Retrace to $4,100–$4,000 → Medium to long term may become an opportunity for institutions to accumulate.

Despite the short-term pressure on ETH, the medium to long-term funding remains bullish due to strong accumulation by BitMine and Bitcoin whales.