Tom Lee, Chairman of BitMine, the world's largest Ethereum reserve company, posted a message on the X platform this morning (10), pointing out that Mark Newton, an analyst at his fund, has published his latest views on Ethereum. The analyst predicts that Ethereum's recent correction is about to end and is expected to bottom out in 1-2 days at the earliest and rise to $5,500:
Cryptocurrency expert @MarkNewtonCMT spoke again:
“I am unconcerned with the recent weakness in cryptocurrencies and expect $ETHUSD to bottom out in the next 1-2 days before recovering and rallying towards $5,500.
After ETHUSD experienced a strong technical rise from 9/25 to 10/7, there was a slight three-wave pullback. It is expected that this pullback may end on 10/11 and turn upward.
ETHUSD has retraced 50% of its gains since 9/25, but is expected to potentially hit $4200-4220, which would provide an ideal support area before ETH turns higher.”
BitMine continues to buy Ethereum
After increasing its holdings by 179,000 Ethereum last week, BitMine continued to buy ETH this week.
First, on October 8, according to Lookonchain monitoring , a wallet believed to belong to BitMine purchased approximately 20,000 Ethereum through FalconX, worth approximately US$90 million.
Then this morning (10), Lookonchain again pointed out that BitMine withdrew nearly 24,000 Ethereum from BitGo, worth about $103 million.
