As the market awaits the Federal Open Market Committee (FOMC) meeting, Ethereum (ETH) is attempting to hold the $4,000 area as support. Despite the volatility, some analysts have predicted that the King of Altcoins may soon start its long-awaited price discovery rally, while whales pour millions into the cryptocurrency.
On Wednesday, Ethereum fell below the $4,000 level once again, falling to a two-day low of $3,926. After a massive Q3 rally, the King of Altcoin has struggled to hold the crucial psychological barrier as support and has been unable to reclaim the $4,200 resistance for most of October.
The analyst emphasized that ETH is still holding the previous highs and the breakout level as support, suggesting that a “hated rally” to the $8,000 target could happen soon.
According to Lookonchain, the two addresses likely belong to BitMine, the largest Ethereum-based treasury company, which recently unveiled another 27,316 ETH purchase, worth $113 million.
As of this writing, ETH is trading at $3,990, a 3.5% drop in the daily timeframe.
