Key Insights:
- Fidelity purchased $87.4M ETH, signaling strong institutional confidence during Ethereum’s market pullback.
- Analysts see Ethereum bottoming near $4,300, with resistance levels ahead at $5,100 and $5,450.
- Corporate holders like BitMine Immersion now control over 1.7M ETH, reinforcing large-scale accumulation.
Ethereum (ETH) traded near $4,433.32 at press time, with 24-hour trading volume reported at $52.87 billion. The token has declined by almost 6% in the past day but remains 5% higher on the week. Price swings continue as traders and institutions position for the next move.
Fidelity Adds $87.4M in Ethereum
CryptoGoos reported that Fidelity acquired $87.4 million worth of ETH during the recent downturn. The purchase shows that the firm is increasing exposure while prices trade lower, often described as a strategy to accumulate during pullbacks.
Large asset managers, including Fidelity and BlackRock, have been steadily building positions in digital assets. Their activity spans direct purchases as well as ETF offerings. For Ethereum, such buying reinforces its role as a core asset among institutions despite near-term corrections.
Analysts Signal Short-Term Bottom
Market watchers also point to a potential floor for Ethereum in the near term. Mark Newton, Managing Director and Head of Technical Strategy at Fundstrat Global Advisors, said ETH may find support near $4,300 within hours.
He added,
“ETH is a very good risk/reward here. I am highly skeptical it breaks this trend nor breaks 4,067 from 8/18. THAT’S what’s required to think a bullish stance near-term is wrong.”
Newton’s outlook places resistance near $5,100, with possible upside targets in the $5,400–$5,450 range.
Market Context and Price Action
Ethereum’s slide comes during a broader pullback across digital assets, with Bitcoin falling below $110,000. At reporting time, Bitcoin was changing hands around $109,782, according to CoinGecko.
Despite the correction, ETH remains almost 200% higher than April levels. The rise has been supported by staking activity, decentralized finance adoption, and institutional inflows. Fidelity’s purchase adds to the case that large investors continue to accumulate at current levels.
Corporate Holdings and Treasury Activity
Corporate holders have also expanded their positions. BitMine Immersion, Thomas Lee’s Ethereum treasury company, now owns more than 1.7 million ETH valued at about $7.5 billion. The firm added 190,500 ETH last week, confirming its status as the largest corporate holder of the token.
Combined with Fidelity’s new purchase, these moves suggest that large-scale buyers remain active. The focus now turns to whether Ethereum can stabilize in the $4,300–$4,067 support range and begin another move toward $5,100 and above.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/fidelity-buys-87-4m-in-ethereum/