Bitunix Analyst: ETH Rises to 4600 on Bullish Momentum from Increased Holdings, Approaching Historical Supply Zone; Watch Out for Resistance at 4650–4900, Risk Management is Key for Trading

BlockBeats News, August 13th. Bitmine plans to conduct a new round of financing to increase its Ethereum holdings by up to $20 billion, aiming to hold 5% of the circulating supply. The market sentiment continues to heat up. ETH has risen to around 4600, currently testing the historical supply zone overlapping with the 2021 high point at 4650–4900. The previous high-liquidity level at 4200 has been broken through and now turned into support, with structural support below at 3300.

Bitunix Analyst Suggestion:
Bitmine's increase in holdings is part of a "long-term capital commitment," which has a positive impact on the supply-demand structure. However, this is a medium- to long-term factor and cannot change the current reality of short-term market pressure within the historical supply zone. At the same time, the rising institutional holding ratio will increase liquidity concentration, magnifying gains during a bull market but also intensifying losses during a downturn. It is necessary to pay attention to the potential market reaction of "buy the rumor, sell the news." Therefore, it is not advisable to chase after highs based solely on bullish factors. The current price is nearing the historical supply zone, and derivative leverage is overheated. Although the long-term bullish logic remains unchanged, there is a dual pressure of supply walls and leveraged overheating in the short term.