Ethereum Price Prediction: SharpLink and BitMine Engage in Intense Reserve Competition, Opening the Door for ETH to Break Through $4000

SharpLink Gaming and BitMine Immersion Technologies are engaged in fierce competition for the title of the largest publicly traded company holding the most Ethereum (ETH) globally. BitMine announced last week that it holds 300,657 ETH, briefly taking the lead. However, a large purchase by SharpLink brought its total holdings to 360,807 ETH, quickly surpassing that position.

Is the active purchase of ETH by publicly listed companies enough to trigger a new round of bull market for the world's second largest cryptocurrency? Let's analyze the technical charts and discover the next market signal.

ETH Price Prediction

ETH dropped from the $3,860 level on Monday, falling below the $3,745 support level, indicating profit-taking pressure from short-term traders.

The ETH/USDT currency pair may drop to the 38.2% Fibonacci retracement level of $3,494. A rebound from $3,494 indicates strong lower demand. Bulls will then attempt to push the price back up to the $4,094 region.

On the contrary, if the price falls below and closes under $3,494, the currency pair may drop to the 50% Fibonacci retracement level of $3,381, and then drop to the 20-day Exponential Moving Average (EMA) of $3,234.

If the price breaks below the 20-day moving average, the short-term advantage will lean towards the bears. In this case, the currency pair may drop to $2,904.

(Source: Trading View)

On the 4-hour chart, the 20-period moving average is flattening, and the RSI indicator has fallen below the midpoint, indicating a balance between supply and demand. Bulls need to push the price above $3,860 to open the door for the next rally to $4,094.

On the contrary, if the price falls below and closes under the 50-day simple moving average (SMA), it indicates that the bears have returned to the market. The currency pair may subsequently drop significantly to $3,477, and then to $3,361.

(Source: Trading View)

ETH-2.11%
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