Ethereum is under selling pressure again, testing a critical support level as the broader crypto market continues to struggle for bullish momentum. Altcoins are losing strength across the board, and growing concern among traders has fueled renewed talk of a potential bear market. The recent downturn has brought Ethereum closer to its key technical levels, with investors closely monitoring whether it can maintain its support or if further decline is imminent.
However, not everyone is pessimistic. On-chain data from Lookonchain reveals that Bitmine, one of the largest holders of Ethereum, just made a massive purchase – acquiring 63,539 ETH worth approximately $251.6 million. Large, timely purchases during pullbacks do not guarantee a reversal, but they often reveal where deep-pocketed participants think the value lies. At a minimum, it injects new demand at a time when sentiment is fragile and reactive.
From there, the tape counts. If ETH manages to hold this support and make a lower low, the market may begin to view the recent sell-off as an upset rather than a regime change. If you lose it decisively, the “bear market” calls will likely become louder. For now, Ethereum finds itself at a crossroads: pressure is mounting, skepticism is growing, and a large purchase suggests the story isn’t over yet.
Bitmine Adds Ethereum Amid Market Weakness
According to Lookonchain, Ethereum whale Bitmine made a major move just eight hours ago: three newly created wallets received a total of 63,539 ETH, worth approximately $251.6 million, from Kraken and BitGo. On-chain activity has sparked further discussion among analysts, as such large-scale transfers during a period of selling pressure often reflect institutional accumulation rather than routine repositioning.
This addition brings Bitmine’s holdings to 3,299,553 ETH, valued at approximately $13.07 billion, representing approximately 2.73% of Ethereum’s total circulating supply. The scale of this position places Bitmine among the most influential ETH holders, capable of impacting both sentiment and liquidity across the network. Analysts often interpret these types of moves as confidence signals, especially when they occur during periods of heightened volatility.
At a time when Ethereum is struggling to maintain key support levels and broader market confidence is fragile, such accumulation could serve as a stabilizing force – or at least a psychological force. Historically, similar whale activity preceded local price recovery as supply tightened and market participants reassessed their short-term bearish bias.
However, the broader context cannot be ignored. Ethereum remains vulnerable to macroeconomic headwinds, and on-chain flows alone cannot offset systemic sales. What is clear, however, is that Bitmine’s latest accumulation stands out as a show of conviction – an assertive move that suggests some large holders still view current price levels as a long-term opportunity rather than a signal of deeper decline.
Test a pivot price level
On the 3-day chart, Ethereum (ETH) is attempting to stabilize after a period of heavy selling pressure, currently trading around $3,871. The broader pattern still shows an uptrend, but recent candles reveal a clear slowdown in bullish momentum. After peaking near $4,800, ETH entered a correction that brought the price back towards the 50-period moving average (blue line), which now serves as a key near-term support level.
This zone has historically served as a pivot during mid-cycle consolidations, and holding above it would keep Ethereum in a healthy market structure. However, if ETH loses this level, the next important support lies between $3,400 and $3,500, where the 100-period (green) and 200-period (red) moving averages converge – an area that often attracts long-term buyers.
On the upside, ETH needs a decisive close above $4,000-$4,200 to regain momentum and potentially retest the $4,500 resistance, which has been a strong rejection level since late September.
Overall, the 3D chart paints a picture of near-term weakness within a broader bullish framework. Ethereum’s ability to defend its mid-range support will determine whether this correction evolves into a buildup or signals the start of a deeper market retracement.
Featured image from ChatGPT, chart from TradingView.com
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