Ethereum (CRYPTO: ETH) and Bit Digital Inc. (NASDAQ:BTBT) are moving in lockstep, just as the Nasdaq-listed miner revealed a $675 million Ethereum treasury, raising questions about whether corporate balance sheets are now amplifying crypto cycles.
Ethereum Holds $4,480 Support With $4,800 In Focus
ETH Technical Outlook (Source: TradingView)
Ethereum continues to trade inside a tightening symmetrical triangle, holding firm above the rising trendline support that has guided price action since June.
The token is currently near $4,460, with resistance clearly defined around $4,700–$4,750, where the descending upper boundary has repeatedly capped rallies.
The broader structure remains bullish as all key moving averages are positively aligned — the 20-day EMA at $4,390, 50-day at $4,290, and 100-day at $3,964 all slope upward, confirming trend strength.
A decisive daily close above $4,750 would validate an upside breakout, opening targets toward $5,000–$5,200, while failure to hold $4,300 could trigger a pullback toward the $4,000–$3,950 zone.
On-balance volume continues to climb, suggesting accumulation beneath resistance.
Bit Digital Ranks Among Top Ethereum Treasuries
Bit Digital disclosed that it purchased an additional 31,057 ETH, bringing total holdings to 150,244 ETH valued near $675 million.
Proceeds from its $150 million convertible note offering were deployed directly into Ethereum, with major institutions such as Kraken Financial, Jump Trading Credit, and Jane Street Capital participating.
The deal priced at $4.16 per share — an 8.2% premium to modified NAV — and positions Bit Digital as the third-largest Ethereum treasury globally, behind Bitmine Immersion (NASDAQ:BMNR) and SharpLink Gaming (NASDAQ:SBET).
CEO Sam Tabar said the firm's strategy is to "grow NAV per share," describing its move from Bitcoin mining to a pure-play Ethereum staking and treasury model as a "long-term conviction shift."
Bit Digital Stock Nears Breakout Point
BTBT Technical Analysis (Source: TradingView)
Bit Digital shares trade around $3.82 after completing a multi-month base.
Price has cleared the 20- and 50-day EMAs ($3.27 and $3.07), while the 100- and 200-day EMAs cluster between $2.90 and $2.94 offer secondary support.
The chart shows a developing cup-and-handle pattern with a neckline near $4.00–$4.20. A break above that zone could target $5.00–$5.50, while support at $3.50 anchors the current structure.
RSI near 71 indicates strong momentum but also short-term overextension risk if resistance holds.
Why It Matters
Bit Digital's move is a glimpse into how balance sheets are evolving into battlegrounds for digital dominance.
Ethereum's role is shifting from just a smart contract platform to a corporate reserve asset, and treasuries like BTBT are now treating ETH the way institutions once treated gold.
The scale of convertible debt financing shows Wall Street is willing to underwrite crypto balance sheet strategies, something unthinkable a few years ago.
What makes this moment striking is that Ethereum's treasury adoption is accelerating just as its technical chart presses against $4,800 resistance, linking corporate capital decisions directly to market inflection points.
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