After losing the $4,450-$4,500 area during the recent market downturn, Ethereum (ETH) is attempting to hold a crucial level as support. Some analysts suggest that the leading altcoin is poised to bounce soon as crypto treasury companies continue to bet on the cryptocurrency.<\/p>\n
On Monday, Ethereum\u2019s price dropped around 7% during the largest liquidation event of the year so far. Notably, the crypto market saw more than $1.7 billion in leveraged positions liquidated<\/a> over the past 24 hours, according to CoinGlass data.<\/p>\n ETH led the losses with nearly $500 million in liquidations,\u00a0followed by Bitcoin\u2019s $284 million. This dragged the King of Altcoin\u2019s price to the crucial $4,100 support for the first time since August, hitting a one-month low of $4,077.<\/p>\n Daan Crypto Trades highlighted<\/a> that today\u2019s event was the largest nominal Ethereum liquidation since 2021, when the cryptocurrency\u2019s price dropped around 45% in a single day. However, various market watchers noted that the price decline was relatively tame compared to previous liquidations of this scale.<\/p>\n As the second-largest cryptocurrency dropped to the $4,100 support, some analysts suggested<\/a> that Ethereum is gearing up for a rebound. Merlijn The Trader affirmed that ETH is \u201cfollowing the blueprint\u201d to a five-digit target.<\/p>\n Per the trader, the cryptocurrency rallied to its previous all-time high (ATH) of $4,800 after breaking out of a multi-year bullish pattern. Following its breakout from an Adam and Eve formation in 2021, the leading altcoin<\/a> retested the level as support and consolidated around this area for three months before the next leg up.<\/p>\n This time, Ethereum displays a new textbook setup with a multi-year descending triangle formation, which was broken out of last month and is currently being retested as support. According to the market watcher, ETH could see a 2021-like breakout toward the $10,000 barrier.<\/p>\n Nonetheless, Ted Pillows asserted<\/a> that the altcoin must hold the $4,100 area as support for a short-term bounce. \u201cIf this level is lost, Ethereum will drop towards the $3,700-$3,800 level,\u201d the analyst warned.<\/p>\n Despite the market downturn, corporations continue to bet on the second-largest cryptocurrency for their Digital Asset Treasury (DAT) strategies. BitMine, the second-largest crypto treasury, revealed<\/a> that it has increased its ETH holdings to nearly 2.5 million tokens over the past week, as part of its goal to hold 5% of Ethereum\u2019s total supply.<\/p>\n BitMine now owns over 2% of the supply with 2,416,054\u00a0ETH, solidifying its position as the largest ETH Treasury in the world. According to the Monday announcement, the company now holds $11.4 billion in assets, including the 2.4 million ETH tokens, 192\u00a0Bitcoin (BTC), $175 million stake in Eightco Holdings<\/a> for its \u201cMoonshot\u201d initiative, and unencumbered cash of $345 million.<\/p>\nBitMine Holds 2% Of ETH Supply<\/h2>\n