From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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Ethereum may be back above the pivotal $2,000 price level, but the broader cryptocurrency landscape is still struggling to regain a bullish trajectory. Even with the market struggling with persistent volatility, Ethereum buying activity on the institutional level does not seem to be slowing down yet. 

Another Major Ethereum Buy From Bitmine

When it seems like sentiment is cooled down, Bitmine Immersion Technologies has doubled down on Ethereum, the second-largest cryptocurrency asset, again. In the highly volatile sector, the company continues to expand its digital asset holdings, with strategic ETH purchases.

The report from Milk Road, a market expert and investor, Bitmine has secured an additional 60,976 units of Ethereum valued at over $122 million despite ongoing turbulent market conditions. This strategic move during the period of uncertainty underscores the company’s long-term confidence in the network and its prospects. 

During this period, Milk Road highlighted that people tend to see Bitimine’s $10 billion in paper losses and neglect what lies beneath the surface. The $10 billion in paper losses are the result of ETH’s 62% drop from its prior highs on average, and the position is strongly underwater at current prices. However, the business continues to purchase ETH and make actual money from the stack.

Bitmine currently holds over 4.53 million ETH, representing 3.76% of ETH’s entire supply in circulation. It is worth noting that over 3 million of its ETH holdings are locked away in staking contracts, and they don’t just sit idle. 

With this massive staked ETH, the company currently earns approximately $174 million per year from the stack. Furthermore, this notable value is being generated and added to the company’s balance sheet annually, regardless of ETH’s price.

This is a key feature that sets the Ethereum treasury model apart in the crypto sector, even compared with the Bitcoin treasury model. Milk Road made reference to Michael Saylor’s Strategy, stating that their BTC treasury generates yield only when the price appreciates. Meanwhile, with ETH, yields can be generated from different areas such as price appreciation and staking, as evidenced by the 174 million per year from Bitmine’s staking, irrespective of market conditions. 

ETH Is Mirroring A Key Chart Pattern

While Ethereum’s price struggles, a market expert known as Crypto Tice has outlined a compelling, bold trend on ETH’s chart when compared to Netflix. After comparing the movement of both charts, the expert has predicted a massive upswing for ETH, similar to Netflix’s notable surge in 2009.

For years, Netflix was trapped in a range, and after multiple tests of support and rejection from resistance, the asset exploded hundreds of percent higher. Currently, ETH is exhibiting the exact same trend, with related compression, frustration, and capitulation from the crowd. 

With Ethereum mirroring this trend, the expert believes that history is about to repeat itself and ETH could see a violent upward move. “The assets that make people the most uncomfortable at the bottom are the ones that make people the most regretful at the top,” Crypto Tice added.

Featured image from Getty Images, chart from Tradingview.com

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Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

Bitcoin price started a fresh decline below $90,000. BTC is consolidating losses and remains at risk of more losses if it dips below $88,000.

• Bitcoin started a sharp decline below $92,000 and $90,000.
• The price is trading below $90,000 and the 100 hourly Simple moving average.
• There is a bearish trend line forming with resistance at $94,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might continue to move down if it stays below the $92,000 zone.

Bitcoin Price Dips 5%

Bitcoin price failed to stay above the $92,500 support and started a fresh decline. BTC declined sharply below the $91,000 and $90,500 support levels.

The bears even pushed the price below $90,000. A low was formed at $87,784, and the price is now consolidating losses. There was a minor recovery wave above $88,500, but the price stayed below the 23.6% Fib retracement level of the recent decline from the $95,475 swing high to the $87,784 low.

Bitcoin is now trading below $90,000 and the 100 hourly Simple moving average. If the price remains stable above $88,000, it could attempt a fresh increase. Immediate resistance is near the $89,600 level. The first key resistance is near the $90,000 level.

The next resistance could be $91,650 or the 50% Fib retracement level of the recent decline from the $95,475 swing high to the $87,784 low. A close above the $91,650 resistance might send the price further higher. In the stated case, the price could rise and test the $92,000 resistance.

Any more gains might send the price toward the $94,000 level. There is also a bearish trend line forming with resistance at $94,200 on the hourly chart of the BTC/USD pair. The next barrier for the bulls could be $95,000 and $95,500.

More Losses In BTC?

If Bitcoin fails to rise above the $91,650 resistance zone, it could start another decline. Immediate support is near the $88,800 level. The first major support is near the $88,000 level.

The next support is now near the $87,500 zone. Any more losses might send the price toward the $86,200 support in the near term. The main support sits at $85,000, below which BTC might accelerate lower in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $88,800, followed by $88,000.

Major Resistance Levels – $91,650 and $92,000.