Crypto firm Bitmine Immersion has made a significant move, increasing its Ethereum holdings by $82 million in a strategic buy. This follows another hefty investment just days prior, fueling speculation about the company’s bullish outlook despite recent market volatility. Bitmine’s latest purchase brings their Ethereum stash to an impressive size, cementing them as the world’s largest Ethereum reserve owner. Despite this aggressive accumulation, market observers are scrutinizing Ethereum’s potential for a further downward movement to $2500, as it struggles to break past key resistance levels of around $2850-2900. This purchase comes at a time when the stock market has reacted swiftly to Bitmine’s move. BMNR shares surged by nearly 5% in premarket trading on Monday, highlighting investor confidence in their aggressive strategy. While this represents strong momentum for the company, analysts are cautioning that a sustained rise requires Ethereum to reclaim its crucial support zone of $2850-2900. They also observe a significant increase in institutional ownership of BMNR shares in recent weeks, indicating a robust belief in the company’s long-term vision. The article further delves into Bitmine’s latest investments and their impact on the cryptocurrency market. It also offers insights into market sentiment and potential price fluctuations for Ethereum and Bitcoin in the coming days.