Can Bitmine’s Latest Purchase Keep Ethereum Price Above $3,500 Amid $120M Balancer Exploit?

Company Overview - Bitmine, led by Tom Lee, announced the purchase of 82,353 ETH, increasing its total Ethereum holdings to 3.4 million ETH, valued at $14.2 billion [1] - The firm raised its cash reserves to $389 million, up from $305 million, and aims to acquire 5% of Ethereum's circulating supply [1] Market Reaction - Following Bitmine's latest purchase, its stock price fell 7.48% to $43.16, indicating investor anxiety over a recent DeFi security breach [2] - Weekly disclosures show consistent Ethereum purchases, including 203,826 ETH on October 20 and 202,037 ETH on October 13 [2] Ethereum Price Analysis - Ethereum's price fell below $3,700 on November 3, triggering a death cross formation between the 50-day moving average at $4,145 and the 200-day moving average at $4,197, suggesting a potential downtrend [3] - The price is currently consolidating around $3,616, down 7.4% on the day, marking its highest single-day loss since the $19.4 billion crypto market capitulation on October 10 [4] - The RSI at 36.52 indicates Ethereum is entering oversold conditions, which may lead to a minor rebound towards the $3,720 resistance zone [4] - If Ethereum fails to hold above $3,500, the next downside target is near $3,300 [5]