Ethereum price turns bullish with BitMine buying the dip

HeyOn Saturday, the price of Ethereum (ETH) remained in the consolidation zone at around $2,000. Although it has been a long time since the cryptocurrency has fallen into this range, historical data suggests that it may be preparing for another breakout in the long term.

At the time of writing this article, Ethereum (ETH) price is hovering around $2,054.42 with a 0.16% rise on the daily chart. according to CoinMarketCapThe cryptocurrency currently maintains a market capitalization of $247.81 billion on the daily chart, along with a daily trading volume of $6.56 billion.

Is Ethereum (ETH) preparing for a major breakout?

Along with the entire cryptocurrency market, Ethereum It is currently experiencing a consolidation process with no significant price movement. Ethereum is currently holding a bullish pennant pattern. Even if ETH price drops to $1,500, the bullish flag remains intact as higher time frames still indicate a bullish outlook.

According to TradingView, technical indicators remain in neutral conditions supporting small price gains. The 14-day RSI is near 51, keeping the cryptocurrency price in the neutral zone without extreme readings. This level indicates that the asset is recovering from oversold conditions and offers room for short-term upward momentum.

The Moving Average Convergence Divergence indicator shows a slight positive change, clearly showing weak bearish momentum for day traders. Ethereum traded below the 10-day EMA at around $2,065 and remained below the 20-day EMA at around $2,100. It continues to show critical long-term price momentum.

At present, there is significant support at around $2,000. If the cryptocurrency rises above this level, there will be a rally towards $2,100, along with the next target price at around $2,150 near the 50-day simple moving average. These technical indicators indicate limited immediate downside risks, highlighting the importance of monitoring these key levels for any sustained change in momentum.

During the consolidation phase from 2018 to 2020, Ethereum traded at levels well below its previous peak. From cycle lows of around $90 in March after 2020, the token later rose more than 50 times to reach nearly $4,800 by November 2021.

ETH is consolidating nicely with the uptrend line, showing that there is still money to be placed on the dips. On the other hand, there is an area clearly holding as resistance with frequent rejection. If the price can maintain its position on this trend line, there is room to attempt another upward move, but a break above the upper resistance level is needed to confirm any sustainable move.

Despite the uncertainty in the cryptocurrency market, BitMine is one of the leaders Bitcoin mining The companies reportedly accumulated a new batch of ETH tokens on Saturday. According to Arkham, the wallet has acquired approximately 40,000 ETH tokens from FalconX, which has a cumulative value of approximately $82.07 million at current market cap.

Looks like Tom Lee)@fundstrat) #Betmain Bought another 40,000 $ Ethereum($82.07 million) from #FalconX today.https://t.co/Ac1TvPxJrh pic.twitter.com/yktMvcuM3j

– Loconchain (@loconchain) April 4, 2026

The build-up comes after Tom Lee indicated his plans to buy the current market dip.

Thomas “Tom” Lee, Chairman of Bitmine, said in press release“As the Iran War enters its fifth week, ETH and cryptocurrencies have outperformed the broader market, with ETH outperforming stocks by 1,160 basis points. This is a marked contrast to gold (a traditional store of value), which underperformed by more than 750 basis points. Cryptocurrencies are proving themselves to be a good ‘wartime’ store of value.”

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