Ethereum reclaimed the $3,000 level after a strong market reaction to improving macroeconomic conditions, providing investors with a much-needed momentum shift. The move comes just days after the Federal Reserve officially ended quantitative tightening (QT), a policy change that immediately boosted liquidity expectations for all risk assets. With markets now pricing in an imminent interest rate cut, confidence has started to return and ETH is one of the first major assets to respond.
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This rebound reflects more than just macroeconomic relief. According to data from Arkham, shared by Lookonchain, Bitmine continues to accumulate Ethereum at current prices, reinforcing bullish sentiment at a time when many traders remain cautious. Bitmine’s persistent buying throughout the correction has become one of the most influential signals for on-chain analysts, suggesting that big players see long-term value even as the market grapples with volatility.
The recovery from $3,000 puts Ethereum above a key psychological level, and the combination of favorable macroeconomic policy and whale accumulation provides a stronger foundation than the market had just a few weeks ago.
Bitmine and linked wallets expand Ethereum holdings
According to Arkham data reported by Lookonchain, Bitmine purchased an additional 18,345 ETH, worth approximately $54.94 million, just a few hours ago. This is another large purchase in a growing series of aggressive accumulation moves that Bitmine has made throughout the correction. Their continued willingness to buy at current levels demonstrates strong confidence in the long-term value of Ethereum, even as the market faces increased volatility.
Shortly after this report, Lookonchain highlighted activity from a newly created wallet, 0x52B7, which withdrew 30,278 ETH, worth $91.16 million, from Kraken. The scale and timing of the withdrawal has led analysts to speculate that this wallet could be linked to Bitmine or part of a broader accumulation strategy.
Large withdrawals from exchanges generally indicate that the owner intends to keep the assets off-exchange, often for long-term storage or staking, rather than preparing to sell them.
If the wallet is indeed connected to Bitmine, this would bring their latest combined accumulation to almost 50,000 ETH in a single day. Such behavior suggests strategic positioning ahead of a possible macroeconomic rally or internal confidence in Ethereum’s recovery.
This type of synchronized whale activity often precedes significant price changes, reinforcing the idea that large players are preparing for a stronger market phase.
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ETH Reclaims $3,000 But Still Faces Key Resistance
Ethereum’s 3-day chart shows notable improvement after reclaiming the $3,000 level, but the broader trend still bears signs of fragility. The recent rebound follows a deep corrective move that took ETH from the $4,500 region to the $2,700-$2,800 support zone, where buyers finally stepped in with conviction. The strong lower wicks around this area confirm that demand remains active, but Ethereum has not yet fully regained its bullish structure.
The price is now trading just below the 50 SMA, which is near the $3,100-$3,150 area, an important resistance level in the near term. A clear break above this moving average would signal renewed momentum and increase the chances of retesting the $3,400-$3,600 range. Meanwhile, the 100 SMA and 200 SMA remain slightly above price, reflecting the broader downtrend that has dominated since September.
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Volume has increased slightly during the recovery, but remains moderate compared to the sales peaks seen during the withdrawal. This indicates cautious buying rather than aggressive accumulation at these levels. To confirm a trend reversal, ETH needs to close above the 50 SMA and then challenge the resistance group around $3,200-$3,300.
Featured image from ChatGPT, chart from TradingView.com
