- The Ethereum price poised to challenge the range resistance of $2,142, to accelerate its bullish momentum for higher rally.
- Ethereum recorded the largest net stablecoin supply increase, adding roughly $523 million in the past 24 hours
- BitMine adds another 60,976 $ETH tokens last weeks, to reach a total holding of 4,534,563 $ETH( worth approximately $8.78 billion
$ETH, the second largest cryptocurrency by market cap, jumped 4.5% on Monday, and reclaimed the $2,000 mark. The buying pressure follows the macroeconomic ease as sharp reversal in oil prices eased inflation fear and bolstered investor appetite in risky assets. However, the Ethereum price gained additional traction as blockchain data shows a significant stablecoin inflow into its network, bolstering on-activity and DeFi engagement. Will $ETH hold this recovery?
Ethereum Leads Stablecoin Inflows With $523M Added in 24 Hours
Ethereum has topped all blockchains in net stablecoin supply growth during the last 24 hours with inflows of about $523 million according to Artemis analytics data.
This figure placed it ahead of networks such as Katana Base, HyperEVM and BNB Chain, which posted smaller positive adjustments. Tron experienced slight rises whereas Mantle and Ripple had limited movements. In contrast, chains such as Plasma and Monad experienced net reductions, as indicated by negative bars on visualizations of the tracking.
The Artemis dashboard displays Ethereum’s overwhelming positive bar stretching far beyond the rest, reflecting high-concentration liquidity additions to the network. Broader market numbers from DeFiLlama put aggregate stablecoin market capitalization at $313 billion with very little fluctuation in daily numbers and a bit of a trend upward in the last few weeks (about +1% over the last seven days).
These chain-specific movements reflect ongoing reallocations of stable assets across ecosystems, with Ethereum seeing heavy volume relative to alternatives. Historically, large stablecoin inflows to Ethereum proceed to strong on-chain activity and $ETH price trend.
In addition, BitMine Immersion Technologies, the publicly traded company with Tom Lee at the helm of the ship, added 60,976 Ethereum tokens in the last week. This acquisition, at the prevailing prices at the time of acquisition, valued at about $122.8 million, increased the company’s total Ethereum position to 4,534,563 $ETH, or approximately $8.78 billion at the time of reporting.
Company disclosures show that 3.04 million of these tokens are still staked and so generate continued rewards from participation in the network.
Ethereum Price to Challenge Key Resistance at $2,142
By press time, the Ethereum price trades at $2,011, projecting an intraday gain of 3.67%. The uptick shows a mid-way reversal; within the formation of consolidation range in the daily chart.
Since early February, the Ethereum price has resonated within two horizontal levels of $2,142 to $1,810, amid the broader market uncertainty. Despite the lateral trend, the momentum indicator RSI shows a surge to 47% suggesting the buyers attempt to reclaim lost ground.
If the price managed to breach the overhead barrier of $2,142, the buyers could regroup and push the recovery attempt another 12% to challenge downsloping resistance as shown in below chart.
$ETH/USDT-1d Chart
However, if the price fails to hold above $2,142, the $ETH coin could loss $1,810 floor and extend prevailing correction to $1,531.
