The crypto market had a strong start to the week, but the bullish trend is currently undergoing a retracement.

Bitcoin failed to top the $107k resistance level and is now trading below $105k.

Meanwhile, Ether, the second-largest cryptocurrency by market cap and the leading altcoin, has dropped to the $3,500 region after failing to overcome the $3,660 resistance.

Its bearish performance comes despite growing institutional demand. 

Ether is down nearly 2% in the last 24 hours and is now trading just above $3,550.

The bearish performance comes despite the Ethereum treasury company BitMine Immersion’s holdings surpassing 3.5 million Ether. 

This latest development comes as the company continues its buying spree of Ether.

The Nevada-based firm announced on Monday that it took advantage of the recent decline in cryptocurrency prices to add 110,288 ETH to its balance sheet.

BitMine Chairman Thomas Lee stated that,

The recent dip in ETH prices presented an attractive opportunity, and BitMine increased its ETH purchases this week.

Thanks to this latest acquisition, BitMine now accounts for 2.9% of the total ETH circulating supply, bringing it closer to its goal of holding 5% of the total ETH supply.

The firm added that it increased its cash balance to $398 million, while maintaining a Bitcoin holding of 192 BTC.

BitMine also has a $61 million stake in the Worldcoin (WLD) treasury, Eightco Holdings (ORBS).

BitMine is currently the largest Ethereum treasury firm, followed by SharpLink Gaming (SBET) and The Ether Machine (ETHM), with holdings of 859,395 ETH and 496,712 ETH, respectively. 

Investors have taken notice of the company in recent months, with Cathie Wood’s Ark Invest increasing its position in BitMine last week. 

The ETH/USD 4-hour chart is bearish and efficient as Ether has lost nearly 2% of its value in the last 24 hours.

The technical indicators remain bullish on the 4-hour chart, suggesting a buying bias at the moment.

The RSI of 57 shows a fading bullish bias as Ether failed to overcome the $3,660 resistance level.

The MACD lines are also within the positive region, indicating a bullish bias.

If the recovery resumes, ETH could rally towards the next major resistance level at $3,910 over the coming hours or days.

An extended rally would allow Ether to hit the TLQ and major resistance level at $4,271.

However, if the bulls fail to push harder, ETH could lose steam and drop to the Friday low of $3,197.

The November 5 low of $3,059 could serve as a major support level for the bulls to embark on another recovery.

Currently, the bulls have lost steam, and Ether could face a slight correction before rallying towards the $3,900 resistance. 

The post Ether fails to overcome the $3,660 resistance, could dip below $3,500 appeared first on Invezz

157 +