Ethereum Price Turns Bullish as BitMine Buys the Dip

On Saturday, the Ethereum (ETH) price remained in the consolidation zone at around $2,000. While it’s been a long time since the cryptocurrency caught in this range, historical data suggests that it might be preparing for another breakout in the long-term.

At the time of writing this, the Ethereum (ETH) price is revolving around $2,054.42 with a 0.16% surge on a daily chart. According to CoinMarketCap, the cryptocurrency is currently holding a market capitalization of $247.81 billion on a daily chart, along with a daily trading volume of $6.56 billion. 

Is Ethereum (ETH) Preparing for a Major Breakout?

Along with the entire crypto market, Ethereum is currently facing a consolidation with no major price movement. Ethereum is currently holding the bullish pennant pattern. Even if ETH drops to $1,500, the bullish pennant remains intact because higher timeframes are still pointing to a bullish outlook.

According to TradingView, technical indicators are staying in neutral conditions that support the small price gain. The 14-day relative strength index is sitting around 51, keeping the cryptocurrency’s price in neutral territory without extreme readings. This level suggested that the asset is recovering from oversold conditions and allowed room for short-term upward momentum. 

The moving average convergence divergence indicator is showing a slight positive change, which clearly shows a weakening bearish momentum for day traders. Ethereum traded just below its 10-day exponential moving average around $2,065 and remained under the 20-day exponential moving average around $2,100. It still shows a longer-term critical price momentum. 

At present, there is major support at around $2,000. If the cryptocurrency soars above this level, there will be a rally toward $2,100, along with the next price target at around $2,150 near the 50-day simple moving average. These technical indicators are suggesting limited immediate downside risk, which shows the importance of watching these major levels for any sustained momentum change.

During the 2018 to 2020 consolidation phase, Ethereum traded at much lower levels after its earlier peak. From its cycle lows around $90 in March after 2020, the token later rallied more than 50 times to reach approximately $4,800 by November 2021. 

ETH is holding well with the rising trend line, which shows that there is still money being put on the dips. On the other hand, there is an area that is clearly holding as resistance with repeated rejections. If the price can maintain its position on this trendline, there is room to attempt another move up, but a break above the upper resistance is needed to confirm any sustained movement.

Despite the uncertainty in the crypto market, BitMine, one of the leading Bitcoin mining companies, has reportedly accumulated a new batch of ETH tokens on Saturday. According to Arkham, a wallet has acquired around 40,000 ETH tokens from FalconX, whose cumulative worth is around $82.07 million at the current market value.

It seems that Tom Lee(@fundstrat)’s #Bitmine bought another 40,000 $ETH($82.07M) from #FalconX today.https://t.co/Ac1TvPxJrh pic.twitter.com/yktMvcuM3j

— Lookonchain (@lookonchain) April 4, 2026

The accumulation comes after Tom Lee indicated his plans to buy the current market dip.

Thomas “Tom” Lee, Chairman of Bitmine, stated in the press release, “As the Iran war enters its 5th week, ETH and crypto outperformed the broader market with ETH outperforming equities by 1,160bp. This is a marked contrast to Gold (a traditional store of value), which has underperformed by more than 750 basis points. Crypto is demonstrating itself to be a good ‘war time’ store of value.”

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