In Brief
- BitMine adds $500M in ETH staking, raising total staked value to $5.7B.
- Ethereum staking hits 30% of supply, tightening circulation and supporting prices.
- ETH forms bullish double-bottom pattern as supply shock narrative gains traction.
BitMine Technologies has staked an additional 171,264 ETH, pushing its total Ethereum stake to approximately $5.71 billion. This move underscores the firm’s growing confidence in Ethereum’s proof-of-stake model and the asset’s long-term growth potential.
Ethereum Supply Dynamics and Bullish Price Patterns Reflect Institutional Confidence
BitMine’s increased ETH stake highlights a broader institutional shift toward Ethereum, which has now seen 30% of its total supply staked. This milestone is seen as a fundamental change, with Ethereum maturing into a more secure and stable financial infrastructure.
Ethereum’s supply is also tightening, as its circulating supply decreases due to increased staking participation. This creates the potential for a supply shock that could drive Ethereum’s price upward, similar to the silver supply shock that saw prices surge from $40 to $100.
Meanwhile, the recent price analysis suggests that Ethereum could be gearing up for a strong move. The chart shows a double-bottom pattern, with a smaller inverse head and shoulders formation developing.
This technical setup is considered bullish and supports the idea of a potential breakout, possibly pushing Ethereum closer to the $4,000 level.
Currently, Ethereum is trading at $2,932.13, reflecting a slight decline but still within a strong range for a potential rally. BitMine’s strategy, combined with the tightening supply and bullish technical patterns, positions Ethereum for possible future gains.
As the market evolves, Ethereum’s validator demand continues to rise. This trend is further supported by BitMine’s growing position, which now accounts for nearly 3.5% of the total circulating ETH. If Ethereum maintains this momentum, the outlook remains positive, with potential price gains driven by both institutional support and favourable technical indicators.
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Source: https://coincu.com/ethereum/eth-price-prediction-as-bitmine-doubles/