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Ethereum under pressure: Kerrisdale criticizes BitMine and lowers forecast!
Ethereum (ETH) fell to $4,100 after Kerrisdale Capital shorted BitMine, depressing market sentiment.
Ethereum under pressure: Kerrisdale criticizes BitMine and lowers forecast!
On October 10, 2025, the Ethereum price will reach $4,100. This development comes in parallel with the activities of Kerrisdale Capital, which has taken a short position against BitMine, an Ethereum treasury management company. Kerrisdale attributes this to declining ETH per share premiums and criticizes the current cryptocurrency treasury model as no longer functional.
Ethereum’s 6% correction last Friday follows the disclosure of this short position. BitMine itself has based its treasury plan on a strategy that has already been used by several digital asset firms in the Bitcoin sector. Kerrisdale highlights that BitMine's stock offerings have led to investor exhaustion as expectations of supply increases have diminished following price increases.
Criticism of BitMine and market conditions
Financial analysts at Kerrisdale point to BitMine's recent $365 million direct placement. This investment is seen as a short-term solution that could threaten the company's long-term credibility. BitMine's Executive Chairman, Thomas Lee, is also portrayed as less charismatic compared to other crypto influencers such as Michael Saylor, further dampening investor interest.
The general market situation for Ethereum and other digital assets is tense. Kerrisdale reports an increase in corporate amounts in crypto, which has led to oversupply and a decrease in market scarcity. The net asset values (NAV) of many investments trade at or below their par value. BitMine's share price fell over 7% on Friday amid an overall decline in the cryptocurrency market.
Ethereum Technical Analysis
Technically speaking, Ethereum is in a critical phase. The digital asset is testing the support area between $4,100 and $4,000, which is close to the 100-day simple moving average (SMA). If Ethereum falls below this SMA, it could face a further decline to around $3,500. This downtrend could strengthen if resistance lines running along a descending trendline pattern above the 50-day SMA are not broken.
Market dynamics also show that the Relative Strength Index (RSI) and the Stochastic Oscillator (Stoch) are fluctuating below neutral levels, with the latter near oversold territory. In the last 24 hours, Ethereum recorded a liquidation value of over $237.9 million, highlighting the volatility and uncertainty in the current market climate.
In summary, the trajectory for Ethereum is extremely challenging given current market developments and criticism of BitMine's corporate strategies. Ethereum's further price development remains to be seen given the technical indicators and external market forces.