Ethereum (ETH) has recovered past the 50% Fibonacci retracement level, with key resistance at $4,250. Maintaining this level could pave the way for further upside, signaling renewed bullish momentum in the crypto market.

Over the past 24 hours, Ethereum surged more than 10% to $4,133, contributing to a broader market recovery after a sharp sell-off earlier in the week. The rebound reflects renewed investor confidence and renewed buying interest in major cryptocurrencies.

In a significant development, BitMine has emerged as the largest Ethereum holder, targeting 5% of the circulating supply, equivalent to approximately 6.04 million ETH, with total assets of $12.9 billion. This accumulation underscores growing institutional interest in Ethereum as a long-term investment and key infrastructure asset in decentralized finance.

The combination of technical recovery and increasing institutional participation positions Ethereum for potential continued gains in the near term.