Tom Lee’s BitMine Adds $84M in ETH as Expert Predicts Ethereum Rally to $5K

Tom Lee’s BitMine continues to buy more ETH even amid the sideways price action in the crypto market. The latest purchase from the largest public Ethereum holder comes as an expert has predicted that the altcoin’s price could soon rally to a new all-time high (ATH) of $5,000.

BitMine Adds $84 Million in Ethereum Amid Market Dip

Arkham data shows that the company has bought almost $84 million in ETH within the last 24 hours. BitMine first received 4,428 ETH from Galaxy Digital’s OTC and has since then received an additional 14,302 ETH in total from Galaxy Digital in four separate transactions.

This development follows an earlier BitMine announcement this week in which the company revealed that it had boosted its Ethereum treasury to 2.15 million ETH. Meanwhile, with this latest purchase, Tom Lee’s company has again solidified its position as the largest public ETH holder, well ahead of SharpLink Gaming.

It is worth mentioning that this ETH purchase comes amid the crypto market correction. The altcoin and other crypto assets have lost most of the gains from earlier in the week when the Fed made the first rate cut of the year.

Ethereum had rallied above $4,600 following the rate cut decision. However, TradingView data shows that the largest altcoin by market cap is now struggling to hold above the psychological $4,500 level. A CoinGape report had revealed that ETH was facing selloff risks as whales’ unrealized profit hits 2021 highs.

ETH Eyes Rally To New ATH Of $5,000

Crypto analyst Doomer has predicted that Ethereum could soon rally to a new ATH of $5,000 as BitMine continue to accumulate ETH non-stop. He described Tom Lee and SharpLink as the Michael Saylor for ETH as they never stop buying the dips.

The analyst claimed that this non-stop ETH accumulation is an early sign of “something big.” Doomer added that ETH is underpriced and that is an opportunity that is presenting itself for investors to accumulate more coins before the rally to the upside.

In line with this, Doomer remarked that he expects the ETH price to smash past the $5,000 milestone and rocket way higher. He further stated that the fourth quarter of the year will be a “tick tock boom” for Ethereum.

Commenting on ETH’s current price action, crypto analyst Iko revealed that the altcoin is testing a major support level right now. He added that on the 4-hour chart, it is forming a Falling Wedge pattern, which often signals a potential breakout.

The analyst predicted that the next target for Ethereum could be around $5,000 if momentum picks up and bulls take control. He advised market participants to watch volume and confirmation closely as ETH eyes a move to the upside.