A breakout above $2,800 may spark a rally toward $3,000 if support levels hold firm.
Bit Digital has made a bold move by liquidating its entire Bitcoin holdings and acquiring nearly $200 million in Ethereum.
The pivot follows a recent public offering that raised $172 million, according to data shared by Arkham Intelligence. After the transaction, Bit Digital now holds around $254.8 million in ETH, signaling growing institutional confidence in Ethereum’s long-term value.
This shift comes as Ethereum trades within a defined price range and analysts monitor closely for a potential breakout. Meanwhile, technical indicators show steady accumulation and rising bullish momentum within the current range.
Arkham Intelligence revealed Bit Digital sold approximately $28 million worth of Bitcoin. The proceeds, along with capital from its recent public sale, funded the company’s purchase of $192.9 million in ETH.
The new allocation makes Ethereum the firm’s largest crypto holding by value.
This strategic rebalancing positions the firm heavily in Ethereum, which is increasingly seen as a smart contract and DeFi cornerstone. While Bitcoin has traditionally dominated corporate treasuries, Bit Digital’s move reflects a shifting institutional preference toward ETH in a multi-chain environment.
At the time of writing, Ethereum trades around $2,544 according to CoinGecko. It has shown a 3.06% gain over the past seven days, despite a slight drop in the last 24 hours.
The price is holding near the midpoint of a horizontal range between $2,313 and $2,737, a zone active since mid-May.
Analyst Daan Crypto Trades noted that ETH has respected this range repeatedly, with higher lows forming since late June. The structure suggests growing buy pressure, although current action sits in what he calls a “no-trade zone.”
This area often lacks strong price direction, creating hesitation among traders.
If Ethereum maintains its steady climb, a push toward the $2,700-$2,800 range is expected. This zone is a key resistance level. A daily close above $2,800 could signal the end of the current consolidation and spark upward momentum toward $3,000.
However, failure to reclaim the top of the range could trigger a fallback. A slide below the $2,420-$2,470 support zone may open the way for a retest near $2,330.
Bit Digital’s investment coincides with signs of renewed institutional interest in Ethereum. Market watchers consider such allocations as validation of Ethereum’s evolving role in the broader crypto ecosystem.
While ETH remains range-bound, traders await a clear break before entering new positions. The recent accumulation suggests that confidence is building quietly, even as short-term volatility remains subdued.
