The cryptocurrency market is in the green following the massive selloff recorded during the weekend.
Bitcoin, the leading cryptocurrency by market cap, has reclaimed the $88k level after adding 1% to its value since Monday. Ether is also eyeing the $3k psychological level after bouncing out of a key support zone.
The positive performance on Monday was met with the Ethereum (ETH) treasury firm Bitmine Immersion Technologies (BMNR) announcing its biggest Ether acquisition so far this year.
BitMine purchased over 40k ETH last week
Tom Lee’s BitMine announced on Monday that it continued its weekly acquisition of the top altcoin, purchasing 40,302 ETH last week.
Thanks to this latest acquisition, BitMine now holds 4.24 million ETH, worth about $12.29 billion at the time of publication.
Its stash accounts for 3.52% of the total Ethereum supply, bringing the company closer to its 5% goal.
Furthermore, BitMine also staked an additional 171,264 ETH last week.
Its total staked assets have climbed to over 2 million ETH (roughly 50% of its Ether holdings), deployed across three staking providers.
BitMine is optimistic of generating $374 million annually from staking when it stakes its entire ETH balance.
While speaking at the World Economic Forum in Davos last week, Tom Lee stated that policymakers and business leaders are embracing digital assets.
“…We view 2026 as the year policymakers and world leaders now view digital assets as central to the future of the financial system. And as Larry Fink notes, this is positive for smart blockchains. Ethereum remains the most widely used by Wall Street today and the most reliable blockchain with zero downtime since inception,” Lee added.
In addition to over 4 million Ether, BitMine also holds 193 Bitcoin (BTC), a recent $200 million stake in Beast Industries, a $19 million stake in Eightco Holdings (ORBS), and a total cash of $682 million.
The latest acquisition comes after the company’s shareholders approved its proposal to increase its authorized shares from 500 million to 50 billion last week.
Ether eyes the $3,058 resistance level
The ETH/USD 4-hour chart remains bearish despite the recent recovery.
The momentum indicators have improved, suggesting that the bulls could push ETH’s price higher in the near term.
ETH’s bounce from the $2,786 support resulted in $81 million in liquidations over the past 24 hours, led by $52 million in short liquidations,
At press time, Ether is trading above $2,920 and could rally higher in the near term.
If Ether sustains its recovery, it could face resistance at the $3,058 level, which is strengthened by the 20-day Exponential Moving Average (EMA).
The RSI of 47 is still below the neutral 50 but suggests that the bulls are regaining control.
The MACD lines are also showing signs of improvement and heading into the neutral region.
However, if the bulls fail to sustain the recovery, Ether could retest the $2,775 support, with the weekly support level of $2,625 also a possibility in the near term.
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